Monday, July 31, 2023 / by Julie Winter-Paez
Wisconsin Real Estate Market Report June 2023
The official halfway point of the year! I can hardly believe it... and time is flying by quicker than I can grasp.
Below is a snippet of the June Market Update for your review!
- As you can see, new listings continue to be down, but, June saw many more listings hit the market in comparison to months earlier in the year... 12% was a welcomed stat.
- Closed sales continue to be down and year to date we are still down in units sold by about 30%
- Listing prices continue to climb
- Selling prices also continue to climb... but not by much!!
- Average days on market is still down
- And months supply of inventory is also down...
I also have been getting the question ALOT about how much our market has changed since 2019.
So I did a little study and the below chart gives you an idea of Jan 1 - July 11, 2019 COMPARED to Jan 1 - July 11, 2023!!
- As you can see, closed sales are down, but not by much!
- New listings are down by over 36%
- Average list price is up by over 36%
- Average sale price is up by over 38%
- Days on market is down by 45% and months supply is down by over 73% Those are some staggering numbers!
I also looked at the higher end waterfront market to see how we are fairing since there is a lot of talk about the market simmering and normalizing...
I looked at the $1.5 million plus market historically from January 1 - July 11 and you will start to see a pattern:
I looked at the $1.5 million plus market historically from January 1 - July 11 and you will start to see a pattern:
- 2019 - 1 property sold
- 2020 - 0 sold
- 2021 - 11 sold
- 2022 - 17 sold
- 2023 ytd - 12
I then looked at the $1 million - $1.5 million plus market historically from January 1 - July 11 and you will see a similar pattern continue:
- 2019 - 4 properties sold
- 2020 - 6 sold
- 2021. - 9 sold
- 2022. - 13 sold
- 2023 ytd - 13
So, as you can see the aggression we saw building in 2021 seems to definitely have subsided. So, if you are a higher end seller; temper your expectations and watch the market closely so you do not miss your opportunity AND if you are a buyer... watch and be patient for where opportunities are hidden... We talk within the team a lot about changing the playing field; and you need to be working with someone who understands what that means...
...We would love to help you whether you're a seller or a buyer ... navigate this crazy whirlwind of a market...
Thanks and as always... reach out if you are curious about anything regarding the Northwoods market!
JWP Group Featured Listings: Click here!
Find Homes Now: www.BuySellLoveUpNorthWI.com
Find Out What Your Home Worth: Click here!
Northwoods Informational Site: www.thejwpgroup.com
