What is the April 2022 Market Update for Local Real Estate Trends?
Our dedicated and experienced staff at Compass Realty Group know that local real estate trends can give buyers and sellers a clearer picture of what to expect. The housing market is always a bit unpredictable, but numbers tell a story. At Compass Realty Group, we can help you understand what story is being told.
The numbers for the month of March are complete, which gives us a picture of April real estate trends in our area.
Polk, Barron, and St. Croix Counties
This tri-county area covers a large portion of where our clients are buying and selling homes.
It’s no secret that inventory of homes for sale is low. But what does that actually look like, numbers-wise?
There were 227 homes actively listed within this three county area in March. The bulk of those homes were listed in St. Croix County.
Active listings on the market were down 52% compared to March 2021. And they were down 26% compared to the previous month of March. What that means for buyers and sellers is that the amount of inventory is down. Specifically for buyers, it means there aren’t as many homes to choose from. For sellers, it means higher demand could result in getting offers at listing price or above.
The median listing price for these three counties last month was $399,000. The median sale price of properties sold was $325,000. The median is the middle number in a list of numbers ordered from lowest to highest.
When it comes to the number of days a property was on the market, the average was 35 days. This is down 27% compared to last year. This number shows that local inventory is turning over quickly.
Compared to this same time last year, the number of homes sold was down 57%. This is not due to homes not selling. This is due to much less inventory being on the market, compared to a year ago.
St. Croix County
Let’s narrow the focus from three counties to just one county.
St. Croix County had 153 active listings in March. This is down 44% from the previous year and down 25% compared to the previous month of February.
The median listing price for properties in this county was $454,000. The median sale price was $339,000.
And the average days on the market was 24 days, down 47% compared to March 2021.
Polk County didn’t have as many active listings as St. Croix in March, but the numbers reflect the same market trends.
Active active listings were down 65% compared to what was on the market in Polk County in the previous year. And compared to the previous month, listings were down 34%. There were 54 listings within the county last month.
The median listing price in Polk was $325,000, with the median sale price coming in at $264,000.
The average number of days on the market was 51 days, down from 61 the previous year. That’s a decrease of 16%. This means that properties in Polk County are selling faster than they were at this same time last year.
Lastly, let’s narrow our focus to just the community of Amery.
There were only two homes listed in Amery last month. That means the number of active listings was down a whopping 92% compared to the same time last year.
The median listing price was $167,000 and the median sale price was $263,000. These numbers don’t tell us a whole lot, considering there were so few homes for sale. There isn’t a large list of numbers to create a good median.
In the month of March the average number of days a home was on the market was just 32 days. This is down 50% compared to last year. Meaning homes sold twice as fast as last year, which was 64 days on the market.
Little Inventory is Selling Quickly
Group when selling a property, we would love to speak with you. You can be assured that we never pressure any potential sellers into any action.
For those buyers looking for the perfect home, we work hard for you. It is always our main goal to guide you home in a way that’s comfortable for you.
If you would like to start a conversation today, please call Alison Blanchard at (228) 363-2478.