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Exploring the Competitive Housing Market in Polk & Burnett County, Wisconsin (April 2023 Update)

Welcome to Ben Wheeler's channel! As a local realtor serving the Northwest region of Wisconsin, I'm here to provide you with valuable insights into the local housing market. In this video, we'll be diving into the latest data on the housing market in Polk and Burnett County, Wisconsin, up until April 2023. First, let's talk about the inventory. Year-to-date, the number of homes available for sale in Polk County has decreased by 6.5% compared to the same period in 2022, with only 87 homes currently available. Additionally, new listings have dropped by 32.9% in comparison to 2022, with just 149 new listings so far this year. In Burnett County, new listings have decreased by 16.3%, resulting in only 72 new listings year-to-date. These numbers indicate a competitive market for buyers, with limited options to choose from. Although the months supply of homes has improved, it is still under two months, highlighting the high demand for homes in the region. When it comes to the number of homes sold, Polk County has seen a 44% decline year-to-date, while Burnett County has experienced a 35.6% decrease. Consequently, the total dollar volume closed has also been impacted, with a 45.4% drop in Polk County and nearly 30% decrease in Burnett County. The median home price in Polk County has seen a slight increase, reaching $266,500. This indicates a slowing down of appreciation, suggesting a more normalized market. However, in Burnett County, the median sales price has increased significantly. This can be attributed to the influence of lake homes, which play a significant role in the market and have driven up prices. The spring market for lake homes has been particularly competitive, resulting in multiple offer situations and purchase prices going up to approximately 10% over the list price. This increase may not seem substantial, but when dealing with price points of $300,000 to $600,000, it adds up significantly. Despite concerns about a potential market crash, there have been no indications of an increase in foreclosures in Polk County or Burnett County in 2023. This suggests that the housing market in the area remains stable and secure. Although mortgage rates are currently higher at just under 7%, prospective buyers should not be discouraged from entering the housing market. Waiting for rates to drop below 3%, as seen in 2021, may result in a long wait, and it's unlikely that we will see those rates again. Instead, buyers should consider the long-term benefits of investing in a home, which can provide both financial security and stability. Lastly, for sellers, the limited inventory is helping to maintain the seller's market that we are currently experiencing. Therefore, it's still a good time to sell your property. If you're interested in learning more about the local housing market in Northwest Wisconsin, feel free to reach out to Ben at (715) 553-3490. Don't forget to hit that subscribe button to stay up-to-date with the latest news and trends in the housing market. Thank you for watching!