Sheboygan County Monthly Market Update - March 2024

Sheboygan County Monthly Market Update - March 2024

My name is Markus Savaglio, your local realtor in Sheboygan Falls and today I want to bring you a quick housing update on Sheboygan County for March of 2024.

February had a total of 69 new listings, that's an increase of just under 19% from the 58 homes listed in January, but a 24% decrease from the 91 homes that listed in February of 2023. By this time last year we had a total of 160 homes listed for sale, but currently we have 127. That's a decrease of just over 20%. 39 homes successfully closed, an 18% decrease over the 48 that closed in February of 2023, but a whopping 43% decrease over the 68 homes that sold back in January.

Additionally, 19 of the 39 that sold closed at or above the list price, with the median list price being $229,000 and a close sales price of $315,000. The median sales price has increased about 16% between January and February of this year.

So if you're a buyer in this market and you want to get into a new home, February was a bloodbath. New listings are up over 18% from last month. The months of inventory is down another 9% compared to last month and down 35% compared to February of two last year. Oddly, median days on market to a sale is 31, which is up over 130% from last year. So it's important that you have confidence understanding of the market and to work with an agent that has the same.

If you're a seller, the market remains on your side. There is an extreme lack of inventory and months on market is at 1, which means that this is an exceptional opportunity for sellers to get better prices, better terms and to dictate the process more than ever before. But you still need to be realistic and work within the confines of the market to make sure that you are not overpricing your home because we are seeing homes come back to the market after appraisals don't meet the sale price.

If you've been thinking about buying or selling real estate, we would love to sit down with you to break down your goals and make a strategy to navigate the challenges and opportunities of today's real estate market.

I'm your local realtor, Markus at Savaglio and Co, brokered by Exp Realty, and this has been your March housing update.

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