By Jean M. Stefaniak, Real Estate Broker
There is no question that Real Estate has been amazing for people who want to sell and challenging for those who want to purchase. It’s supply and demand. We still have very low supply and huge demand and we don’t see that changing for a while despite the higher interest rates. And, relatively speaking a 30 year fixed rate around 5.25% is still really good. We have just been graced with 3.0% for a very very long time.
So, let’s take a look at the data and what it all means. I’ve gathered this information from January 1st, 2022 until May 1st, 2022 so about the first 120 days of this year.
I’d like to begin by defining how properties are classified.
First, if a property is ACTIVE, it means it’s technically for sale and buyers are able to go look at it and make an offer if it’s something they are interested in. In Wauwatosa, there are 84 ACTIVE single family homes. Of the 84 single families, 65 of them have accepted offers. ACTIVE with Offer, is a property that was previously in ACTIVE status and the sellers have now accepted a buyers offer to purchase that has Contingencies. An example of a Contingency could be a Home Inspection, Financing or an Appraisal.
There are 24 single family homes that are in PENDING status. Pending status means a property has an Accepted Offer and all of the contingencies have been satisfied.
Finally, there are 212 SOLD single family homes that closed successfully so far this year. Sold means that the property has been conveyed or exchanged to the other party.
It’s interesting to look at the original list prices of the properties and see so many of them closed at even higher SOLD prices. This is the result of low supply and high demand.
If you’re thinking of selling, now is the perfect time to do it so, give a call to your favorite neighborhood Realtor.
Happy Spring Tosa!