The answer is yes! Of course, because, the real estate market is constantly changing.
We are nearing the end of summer when people want to get that last minute vacation in before back to school begins. Some schools have started, some have dropped their kids off to a new college and some maybe empty nesters for the first time. Change never ceases.
It’s the last week of August as I’m gathering the current Wauwatosa statistics from May 1st through August 25th, 2023, and according to the Multiple Listing Service there have been 75 single family homes over $400,000 that were sold and closed.
The interesting item that flags my attention is that five of the 75 have sold at over $1,000,000. That’s a really big number and worth understanding.
Four of these million-dollar homes were located in the Hillcrest neighborhood and one was in Jennings Park. There was a sixth million-dollar property that closed earlier this year in Wellauer Heights.
Property values are continuing to rise due to the shortage of inventory and continued high demand from buyers. Interest rates are up but, educated buyers know that they can refinance easily because local lenders have programs to help them do this easily when the numbers come down. Next year is a presidential election year and historically, rates come down before elections.
Buyer demand for Wauwatosa is still great compared to surrounding municipalities.
As of today, there are 66 Active Listings for sale and 35 sellers have already accepted offers leaving Wauwatosa buyers with only 31 single family homes to choose from.
In the state of Wisconsin, inventory is down 20%+ from the same time last year. The median price for a single-family home in our state rose from $279,000 to $300,000 in the last twelve months.
I’ve included the MLS data in this article. It’s fascinating to see what list prices are versus sold prices. I’m a numbers geek when it comes to real estate.
Yes, the market continues to change daily. If you’re thinking of selling now or next year do not hesitate to reach out for professional advice. Experience matters!
I hope you have the chance to enjoy Tosafest!
Jean M. Stefaniak
Licensed Real Estate Broker and Business Owner
The Stefaniak Group, LLC
A Family of Realtors since 1952