Waukesha County Housing Update
The housing market is white hot currently. We recently studied the housing market in Waukesha County through data obtained from the Multiple Listing Service. Here are some interesting tidbits that we discovered.
All data is for Waukesha County homes listed from $250,000 to $1,000,000
The average sale price has climbed dramatically. In 2018 it was $398,700, $403,114 in 2019, and now it is up to $416,168 in 2020. Home are also moving faster with days on the market going from 62 days in 2018 to 57 in 2019 and only 48 in 2020. The average discount taken on a home has dropped to around 4% and is down .5% so be prepared to right an offer close to full price on higher priced homes and over asking on lower priced homes.
As you can see Covid-19 has not slowed down the existing housing market.
How has the new housing market fared?
Average sale price for a new home in 2018 was $468,818, $483,829 in 2019, and $502,273 in 2020. On average prices of a new home are up nearly 8% from the previous year due to supply issues, rising lumber costs, and labor shortages.
The average discount on a new home has dropped to less than 1.5% so don’t expect to get a lot of money off of a new home. We also saw a 16% increase in the number of sales from the previous year.
As lower priced existing homes have been gobbled up buyers are turning to new construction as evidenced by the big increases in price, number of sales, and tighter pricing.
Expect shortages on available new homes due to lack of production during Covid shut downs. This will further drive up the sale price as inventory is very tight in good markets.
Lastly we took a look at lots. The average lot price has jumped from $125,800 in 2018 to $140,542 in 2020. Keep in mind this data does not include brand new lots sold by developers that were not listed in MLS. For brand new subdivisions expect to pay $150,000 or more in many areas.
If you want a new home, most buyers will have to build it, that is if you can find a lot. Start early on your search and be ready for prices to go up frequently as commodities are very unstable and rising fast.
-Belman Homes Team