Now that we’ve reached the end of summer, it’s time for a market update. I was looking at some statistics from our MLS recently and discovered five things I think you should all be aware of:
1. The number of listings is down. This is true for all the various counties in our local market. Milwaukee County is down about 8%, Waukesha County is down about 7%, Ozaukee County is down 8.6%, Washington County is down 11.1%, Walworth County is down 11.5%, and Racine County is down 8.3%. So, as you can see, there are fewer options available these days for buyers.
2. Sales are still up. Despite the lack of listings, sales are up across our market with the exception of Waukesha and Walworth County.
3. The average days on market are down. The average days on market is approximately 39 for the entire area. A year ago, the average days on market was around 10 to 15 days higher than this.
4. Median sale prices are up. In Milwaukee County, prices have risen about 5%, for a median sales price of $162,500. In Waukesha County, prices are up over 5%. There, the median sales price is $295,000. Ozaukee County’s median sales price is up to $300,000, having risen 7% over last year. In Washington County, the median sales price is nearly $249,500, which represents a whopping 17% increase over last year. Walworth County’s median sales price rose 12% to $213,000, and Racine County is up an astounding 26%, for a current median sales price of $178,000.
5. Interest rates are on the rise. This is something you’ve probably already heard. Yet, you should note that it’s still affordable to purchase a home. Right now, you can still get a 30-year fixed mortgage for about 4.5% or 4.75%. With that in mind, though, the Feds are set to raise rates a few more times by the end of the year. Whether you’re thinking of buying or selling, now is a great time to do so.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.