2021 Market Review: Total # of Sales and Average Sales Price
As we head into the new year, let’s take a moment to reflect on last year’s real estate market with a market review. To put it simply, the real estate market of 2021 was wild. The demand of 2020 carried into 2021, creating massive amounts of competition that kept prices high and overall inventory low. This environment left buyers scrambling to see houses the same day they hit the market, or loose out, and sellers with a wide variety of offers to choose from.
The following graphics will seek to showcase the market of Waukesha County in 2021, as well as 2019 & 2020, in two main areas: the total number of sales and median sales price in the county. If you’d like to see data from additional years or the real estate market of 2021 in Wisconsin as a whole, click here.
Total Number of Sales: Waukesha County
The 2021 market saw a high amount of home sales. The lull at the beginning of the year was due to the lack of supply available. However, as we moved into the summer months, more supply became available before the subsequent seasonal fall beginning in September. This seasonal fall is not altogether surprising, as the local real estate market has a documented history of slowing down as the weather turns.
Low: February (253)
High: August (696)
Total # of Sales in Waukesha County (2021): 6,311
The following graph is created when comparing the last three years of sales in Waukesha County. Interestingly, the lowest number of sales in a month was in 2021 (February). Although, this wasn’t for lack of buyers, but rather a lack of inventory. As can be observed here, the uncertainty at the beginning of 2020 led to a dip in total sales which reversed as people became more comfortable; then, the market exploded, with the highest total number of sales recorded in August of 2020. If we compare 2019 to 2021, we can see more similarities in their overall pattern, showing that perhaps the market is beginning to stabilize a bit more when compared to the frenzy of 2020. However, experts theorize that the 2022 market will maintain a heightened level of competition due to continued low inventory.
You can read more about it here.
Low: February 2021 (253)
High: August 2020 (753)
Total # of Sales (2019): 6,073
Median Sales Price: Waukesha County
2021 was a big year in terms of sales price, with the highest ever median sales prices recorded in Waukesha County. This was primarily due to the low inventory of homes, resulting in buyers having to pay a premium to secure the home.
Low: $349,950 (October)
High: $397,000 (August)
Average Median Sales Price (2021): $365,817
When comparing the three recent years, it is clear to see the rising median sales prices over time, in both graphs. The increase has been gradual, increasing $28,660 from 2019 to 2020 and subsequent growth of $32,404 from 2020 to 2021. The jump is most noticeable when comparing 2019 to 2021, with the increasing average sales price of $61,064.
Low: $275,000 (February 2019)
High: $397,000 (August 2021)
Average Median Sales Price (2019): $304,753
Overall, the 2021 real estate market had lower sales than 2020 (due to the low inventory) but higher average median sales prices. As a result, it was a seller’s market, with buyers battling to obtain the right to homeownership. Here is what our broker had to say about his experience with the 2021 real estate market:
“The 2021 real estate market was a breakout year in the Lake Country Area! While the Fed kept interest rates low in these pandemic times, demand went through the roof, but supply stayed low, which led to increasing prices and short duration of time on the market.”
That’s been our 2021 market review, be sure to check back next year for our thoughts on 2022!
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