This summer had a housing heatwave during the June-August period. Home sales in Wisconsin were the strongest they have ever been during the summer season, topping off at 27,795 sales according to the Wisconsin REALTORS® Association’s (WRA) most recent home sales report. In Waukesha County, home sales between January and August were slightly below the number of sales during the same time period last year. The hindered spring real estate season, due to COVID-19, is presumed to be the primary culprit for the tremendous number of home sales this summer.
The median home sales price was up nearly $34,000 in Waukesha County. In August, the median home sales price was $349,799, compared to $315,900 in August 2019 according to housing stats provided by the WRA. As shown in the graph below, home prices have been higher than previous years, mainly due to buyer demand heavily outweighing the supply of homes for sale.
Record low mortgage rates are fueling buyer demand and has prompted many home owners to refinance. The lowest mortgage rates as of today’s date, are at 2.5%, according to bankrate.com. If you’re in the market to purchase a home using financing, it is advised to consult with your banker prior to committing to any financing and appraisal contingency deadlines and/or a closing date in a real estate offer contract. Due to the high volume of people getting mortgages or refinancing, financing and appraisals may need to be scheduled out farther than usual.
If you have questions about the current market conditions to sell or buy your first or next home, please don’t hesitate to reach out to us for more information.