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Wisconsin Real Estate Market Report Up North WI

Thursday, March 16, 2023   /   by Julie Winter-Paez

Wisconsin Real Estate Market Report Up North WI

It's that time of the month, I love market report time. We're dipping up into March where I've had a good chance to go back and see what happened in February. And as we have been talking about so far, we are pretty steady with where we were and where we thought we were going to be so far this year. So again, 190 new listings in the month of February, which is down about 26% and year to date, it's about 28% that were down. We looked at closed units that is down about the same 26% and year to date about 28% down. Again, it makes sense new listings are down close sales are down. Average listing price continues to go up. It was up about 14.59% for the month of February, which was about $260,000 as we average listing price. The average selling price is about $231,000 which is about 6%. So your average selling price as you can see is starting to fall a little bit behind that average listing price which shows us that there's obviously a little bit of negotiation room in there for buyers. Average days on market continues to be about 120 and our average month's supply of inventory is still hovering around 3%, it's actually 3.32 months as of right now. Which again according to national statistics and the National Association of Realtors, anything four months or less continues to remain a seller's market. 

I also took a little bit deeper dive looking back historically up to 2019 as to where we are on inventory. So when I say that we are down in inventory February over February by about 25.79% that is static from year to date, but what I wanted to show you was let's go back to 2019 and see what was happening before COVID started. We were at 4,387 listings in our entire MLS at this time in 2019. This month at this time we have 1,482 listings, which is an amazing 69% down on inventory. Also I took a look at just houses and condos. I wanted to not just look at vacant lands and everything else and let's just see how many houses and condos we have to sell this time 2019, we had 1,739 units to sell. Today that is 535 which is a staggering amount of inventory to be doubt. 

So again, what I'm trying to really reinforce with the people that are working in our northern Wisconsin marketplace is that even though the national news media is screaming that they think that people should be calling us and asking us where's our list of short sales and foreclosures? We do not simply have one. We are so limited in inventory that it's really difficult for supply and demand economics to change when you have very little to sell.

So what does that mean to you? If you're a seller it's a good time to still get out of the market because we are limited in inventory. And if you're a buyer, there's this unique time right now where we're seeing that average selling price is coming down compared to that average listing price. Because of the national news media. A lot of people are still not sure what's happening out there. So there is an opportunity for a buyer to get some of their negotiation rights back, to get their inspections and to get some of their leverage in the contract. Because a lot of people are listening to the local realtor, they're listening to the national news media.

And as always, if you have a specific need, I would love to chat with you about it. Whether you're selling or buying we at the JWP Group are here to help. So have a great day and we hope to see you soon in the Northwoods and I look forward you to bringing you next month's Market Report.

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