March 2022 Market Update for Local Real Estate Trends
At Compass Realty Group, our main mission is to provide value and unparalleled customer service to our potential buyers and sellers. One way we do that is by keeping a watchful eye on real estate trends and translating them into information you can use.
The numbers for the month of February are complete, which gives us a picture of March real estate trends in our area.
Polk, Barron, and St. Croix Counties
Let’s take a look at the overall area of these three counties and what happened when it comes to the number of listings, listing prices, sales prices, and the number of days on the market.
Active listings on the market were down 38% compared to February of 2021. And they were down 15% compared to the previous month of January. What that means for buyers and sellers is that the amount of inventory is down.
In case it’s been a while since you took a math or statistics class, let’s review what the word “median” means. When it comes to numbers, the median is the middle number in a list of numbers ordered from lowest to highest.
The median listing price for these three counties last month was $369,000. The median sale price of properties sold was $315,000.
When it comes to the number of days a property was on the market, the average was 40 days. This is down 29% compared to last year.
St. Croix County
Narrowing the numbers to just St. Croix County gives a clearer picture of the real estate scope in this Wisconsin border county.
Active listings were down 26% compared to a year ago, and down 13% compared to the previous month of January.
The median listing price for properties in this county was $409,000. The median sale price was $359,000.
And the average days on the market was 35 days, down 5% compared to February 2021.
If we focus just on Polk County, the numbers tell a similar story as St. Croix County.
When it comes to active listings, they were down 51% compared to what was on the market in Polk County in the previous year. And compared to the previous month, listings were down 18%.
The median listing price in Polk was $270,000, with the median sale price coming in at $238,000.
The average number of days on the market was 56 days, down 34% compared to last year. This means that properties in Polk County are selling faster than they were at this same time last year.
Finally, let’s dial in even smaller, looking at just one community - the fine area of Amery.
Active listings were down a whopping 68% compared to last year. However, active listings were up 16% compared to the previous month. This means that inventory is much lower than the same time last year, but might be trending toward more choices when it comes to buying a home or property in the Amery area.
The median listing price was $249,000 and the median sale price was $380,000.
Homes in the Amery area are in demand. The average number of days a home was on the market in February was just 10 days. This is down 66% compared to last year.
Inventory is Needed
Across the board, inventory is down. If you would like more information about what it’s like to work with Compass Realty Group when selling a property, we would love to speak with you. We never pressure any potential sellers into any action. We just want to help people in our community make smart and informed real estate decisions.
If you would like to start a conversation today, please call Alison Blanchard at (228) 363-2478.