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Wisconsin Real Estate Market Report October 2023

Monday, October 23, 2023   /   by Julie Winter-Paez

Wisconsin Real Estate Market Report October 2023

It is market report time, this is my favorite time of the month so no matter how I feel in real estate, but still not as busy or if I feel not as productive. I like to go back and look at the numbers because numbers don't lie. 

So here are the numbers for the month of September and the year to date numbers for September 2023. For new listing, we are still down month over month from 2022 to 2023 September by 13.53%. When I look at the year to date numbers, we're still down on new listings by about 15% which in actual numbers we have 3,619 listings so far year to date. When we look at pending sales, those continue to remain up for a couple of months in a row now we're about at 47% for the month of September, but 11% year to date. When we looked at closed listings, I think is so interesting that our pending sales is up but our close sales is down. For the month of September we're down at about 7.7% and year to date we're down about 21%. So what does that mean? Again that tells you what we are all feeling as real estate professionals more deals are falling apart before it get the closing table. When we look at the average listing price, believe it or not price remains up. We are up on the average listing price by about 10%. So year to date, that is about $259,977. While we look at the closed price, we are actually still up only by about 6.78% and our average close selling price is $244,545. So you're seeing that little bit of negotiation room in there finally for buyers. We're seeing price reductions, and we're also seeing negotiation. Average days on market is up by 4.44% which equals right now with 100 days on market. And our average month's supply of inventory is piling up over five months or 5.53 months supply of inventory which is down compared to last year's 3.54%. 

So there are the stats. What does this mean to you? Whether you're a seller or a buyer, it means you need to be working with a local professional who understands the real estate market. We at the JWP Group would love to be that professional and I'm Julie Paez, if you don't know who I am. I'm a local realtor in northern Wisconsin, we help people just like you buy, sell and relocate in the beautiful northwoods of Wisconsin. Call if you have specific questions about your market segments. Have a great day.

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