May 19, 2009

Walworth County Market Update

Posted to Geneva Lake Area , Janis Hartley

According to recent statistics calculated by the Metro Multiple Listing Service for Walworth County, the lyrics to the song “The Times They Are A-Changing” seems fitting. For Sellers, the recent update serves as a strong reminder that selling in the current market is a whole lot different than it was several years ago. For Buyers, it is confirmation that this is the time to buy. The update covers April 2009 and year-to-date statistics and the most interesting numbers concern Days on Market, List-to-Original Sale Price Ratio, and Closed Sales. Comparing April 2008 with April 2009, the average days on market for single family residences increased 19.8% (from 130 to 155 days). In April 2008, single family homes sold, on average, for 92.5% of their original list price; that number fell 4.8% in April 2009. Comparing year-to-date sales for the same period, from January 2009-April 2009, the average sale price versus original list price was 4.2% lower in ’09 than in ’08, falling from 91% original list/sell price to 87.1%.

Prices continue to fall; however, lakefront and lake rights properties on Geneva Lake, Delavan and Lauderdale Lakes, have been far less affected than have prices in the lower and mid-ranges. So, for buyers looking for prime properties the message is: expect to buy smart but not cheap. You’ll need to do your homework and know the comparable properties that have sold during the previous twelve months. Knowledge is power and in the present market – it’s essential.

Posted by:Janis Hartley

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