January 2023 Market Update

How's the market? I get this question daily as nearly everyone is wondering what the real estate market is doing.  Overall, inventory is low but there is no scarcity of buyers.  For example, within my office, we are seeing up to 60 showings per new listing with sellers accepting offers within a week.  

Washington County - A total of 63 homes were sold in January 2023.  Compared to December, the number of homes sold decreased by 34, a 35% decrease.  Month-over-month, median list price ($350,000) increased by 1.54% and median sale price ($335,000) decreased by 6.64%.  In addition, the average number of days on the market was 32 days, a 4-day increase month-over-month.  The sales/list price ratio in January 2023 was 96.41%, 2.52% lower than December.  

Waukesha County - A total of 195 homes were sold in January 2023.  Compared to December, the number of homes sold decreased by 127, a 39% decrease.  Month-over-month, median list price ($379,949) & median sale price ($417,500) both increased by 0.06% and 10.59%, respectively.  In addition, the average number of days on the market was 27 days, a 2-day decrease month-over-month.  The sales/list price ratio in January 2023 was 97.79%, 0.07% higher than December.  

Please see below for statistics specific to Menomonee Falls and Sussex.  Please reach out for any questions.  *To avoid any confusion, please see below graphics for definitions on real estate terms and lingo. Data & Statistics from MetroMLS.