The Accunet Mortgage Show (3-28-2021) Episode
This week’s Highlights:
- Were February sales down significantly?
- Why there aren’t any homes available
Download a transcript of this week’s episode here.
National Association of Realtors Releases February Home Sale Data
We’ve got another panic-inducing headline, folks! The National Association of Realtors warned readers that February home sales saw a massive decrease, which led some people to worry about the future of 2021. The catch? The numbers are comparing February to January, and February was significantly colder than the previous month – no one wanted to go out to find a house in that weather! We also continue to see that there simply aren’t as many homes available as before.
The key takeaway from the report is that the supply is at all-time record lows. We’ve been talking about that for a long time. The median sales price for all housing was up 16% year over year. The median sales price in the country was $313,000. Inventory of nationwide sales is down 29.5%. 74% of homes sold in February were on the market for less than a month, compared to 36 days in February last year.
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Wisconsin Home Sale Data for February
- 4,400 homes were sold with the help of a realtor
- 1 out of every 7 home sales occurred in Milwaukee County
- Populous counties with new listings were down 27%
- Median sales price was $215,000
- Overall sales statewide were up 5.5%, compared to nationwide which was 9.1%
The three counties in Wisconsin that have higher median sales price compared to the national average are Ozaukee County, Dan County, and Waukesha County.
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People aren’t moving: What gives?
Zillow conducted some research to figure out why people aren’t moving. 34% of respondents surveyed said they were likely to sell their homes in the next three years. So why aren’t they selling now?
Well, “Life Uncertainty” was cited as the main reason by about 1/3 of respondents. “Financial Uncertainty” was cited by 31%, whereas about 40% of respondents said if they wait, they might be able to get more money for their home since home sales continue to increase over time. 25% cited not wanting to move in the midst of COVID-19 as the reason they’re not moving.
Another interesting point is the fact that people going from a $200,000 house to a $400,000 house are still moving. We’ve seen a lot of upsizing for people over the past year. On the contrary, there is no rush to downsize. People who are planning on moving from the homes they raised their families into a smaller place or relocation in Florida aren’t moving yet. Many people are waiting for vaccines to finish rolling out so they can get on the move and head for warmer climates more permanently.
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