June Market Update

Hey everyone, it's your favorite realtor Judy and I'm here to break down the latest market trends for June 2024 in beautiful Lake Geneva. Whether you're a buyer, seller, or just a real estate enthusiast, buckle up because there's a lot to unpack!

Current Market Landscape

Average List Price:

• June 2024: $1,326,755.62
• June 2023: $1,607,795.36
• Change: Decreased by 17.48%
• What It Means: Sellers are adjusting expectations, making now a great time for buyers to jump in and seize the opportunity.

Median List Price:

• June 2024: $590,000
• June 2023: $625,000
• Change: Decreased by 5.6%
• What It Means: More reasonably priced listings hitting the market, which is fantastic news for affordability.

Average Sale Price:

• June 2024: $606,900
• June 2023: $1,272,543.97
• Change: Decreased by 52.31%
• What It Means: Significant price adjustments and perhaps more lower-priced homes closing – savvy buyers, take note!

Median Sale Price:

• June 2024: $555,000
• June 2023: $516,000
• Change: Increased by 7.56%
• What It Means: The middle market is strong, indicating solid demand and healthy activity in that price range.

Average CDOM (Cumulative Days on Market):

• June 2024: 97 days
• June 2023: 70 days
• Change: Increased by 38.57%
• What It Means: Homes are staying on the market longer, so patience and strategic pricing are key for sellers.

Key Takeaways

1. Inventory Levels:

• Active Listings: Up from 75 in June 2023 to 117 in June 2024.
• New Listings: Increased from 22 in June 2023 to 36 in June 2024.
• Insight: More choices for buyers, but sellers need to be strategic with their pricing and marketing to stand out.

2. Sales Dynamics:

• Pended Listings: Slight decrease from 18 in June 2023 to 15 in June 2024.
• Sold Listings: Stable with 18 in June 2023 and 21 in June 2024.
• Insight: Consistent sales activity shows a steady market, but a slight dip in pended listings means buyers are taking their time to decide.

3. Pricing Trends:

• Average List Price: Down significantly, which might be a reflection of more competitive pricing strategies.
• Average Sale Price: Also down, suggesting that negotiation is key and buyers are finding deals.
• Median Sale Price: Up, showing strength in the mid-market segment.

4. Days on Market:

• CDOM has increased, indicating that homes are taking longer to sell. Sellers need to be patient and possibly more flexible with offers.

5. Absorption Rate:

• From 4.13 in June 2023 to 6.24 in June 2024.
• Insight: A balanced market leaning towards a buyer's market, so sellers need to up their game.

The Lake Geneva market in June 2024 shows a mix of changes, with significant decreases in average list and sale prices but an increase in the median sale price. Properties are taking longer to sell, which might indicate a more competitive market or adjustments in market conditions.

Year-over-Year Comparison: June 2023 vs. June 2024

Active and New Listings:

• Active Listings: Increased from 75 in June 2023 to 117 in June 2024, providing more options for buyers.
• New Listings: Increased from 22 in June 2023 to 36 in June 2024, indicating a healthy influx of fresh inventory.

Sales Dynamics:

• Pended Listings: Slight decrease from 18 in June 2023 to 15 in June 2024, showing a slight drop in immediate buyer activity.
• Sold Listings: Consistent activity with 18 in June 2023 and 21 in June 2024, reflecting stable demand.

Pricing and Sales:

• Average List Price: Decreased from $1,607,795.36 in June 2023 to $1,326,755.62 in June 2024, reflecting adjusted seller expectations.
• Average Sale Price: Significant decrease from $1,272,543.97 in June 2023 to $606,900 in June 2024, suggesting more aggressive buyer negotiations.
• Median Sale Price: Increased from $516,000 in June 2023 to $555,000 in June 2024, highlighting strong middle-market performance.

Days on Market:

• CDOM: Increased from 70 days in June 2023 to 97 days in June 2024, indicating a slower market pace.

Absorption Rate:

• Absorption Rate: Slightly balanced with a decrease from 4.13 in June 2023 to 6.24 in June 2024, suggesting a shift towards a more buyer-friendly market.

The Lake Geneva real estate market shows both opportunities and challenges. Adjustments in pricing and market dynamics indicate a period of transition, making it a critical time for strategic decision-making