Comparing data from the Wisconsin Realtors Association from August 2022 to August 2021, we see:
- Sales are down 10.4%
- Total listings are down 20.5%
- Median prices are up 8.4%
- Average days on market is down 6.2%
So what does all this mean? It means there are less homes for buyers to choose from. They cost more to buy and they’re selling faster than this time last year. Earlier in the spring, the market was white hot with rising interest rates. The market has cooled off a bit, so now we might like to just call it ‘red hot’. Buyers need a strong real estate agent to help them win and get their offers accepted. And sellers still have the luxury of having multiple offers and selling their home relatively fast, despite rising rates that are still historically low. So don’t expect demand to dwindle all that much. Homes in our area are still rising in value at above average rates and selling quickly. With rising rates and rising home appreciation. buying today is better than buying tomorrow. At the same time, rising rates are slowing the market, which may eventually slow or plateau. Home appreciation making today a better time to sell than selling tomorrow. You’ve been waiting for a signal. This is it. It’s time to make your move. Follow HomeTeam4u for more South Central Wisconsin real estate.