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Hey everybody it’s Austin Solomon. It’s April 3rd today! Welcome to this week’s episode of The Real, Wausau Real Estate Show.
Quite a few things have changed, even since the last episode. I hope this message finds everybody well and all are staying safe. But if you’re like me you’re probably a little bit anxious and a little bit uncertain on what’s going to happen. But it’s important to stay positive during this time.
What’s happening in the marketplace? Obviously over the last couple of weeks with the coronavirus and the stock market… a lot of things have changed. What’s happened in the Wausau market specifically? Today I’m just talking about the facts, I’m not going to speculate, I’m just talking about what we know to be true and draw conclusions from that.
As of today, there are 432 homes for sale, this is the Wausau market, just single family homes. It’s the greater Wausau area, so in the Marathon County area and surrounding areas there are 432 homes for sale. 237 of them have accepted offers on them. So over half of the houses available have accepted offers on them, that leaves 195 that are available.
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Hey everybody, I’m going to interrupt really quick for our listeners. Real estate was deemed an essential business by Governor Evers; however, we’re not just resuming operations as usual because of that. We’re not just saying, “Hey, we’re essential”, and throwing everything out the door. We’re taking a lot of precautions that are making sure our buyers and sellers are safe. If we’re going out and showing a house or if we’re going out and meeting with a seller, we are practicing social distancing, we’re sanitizing and we’re making sure we have masks. The last thing we want to do as real estate agents is spread the virus or not be socially responsible. So if we have to go out and conduct activities, we’re being very, very cautious as safety is #1 for those that we interact with.
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Now let’s break that down into price points and homes specifically. This is going to be a lot of data, I’m going to pour out a bunch of data for you guys.
So between $0 – $100,000 – there’s 52 homes on the market, which is 12% of the market, of those 44% have pending contracts.
Between $100,000 – $200,000 – there’s 141 homes on the market, which is 33% of the market and 65% have pending contracts.
Between $200,000 – $300,000 – there’s 128 homes on the market, which is 30% of the market and 46% of those are under contract.
Between $300,000 – $400,000 – there’s 49 homes on the market, which is 11% of the market and 33% of those have accepted offers.
Between $400,000 – $500,000 – there’s 37 homes on the market, which is 9% of the market and 16% of those have pending offers.
Between $500,000 – $600,000 – there’s 11 homes on the market, which is just 3% of the market and one of those, which is 9%, has an accepted offer.
Lastly, $600,000+ there’s 15 houses that are $600,000+, which is 3% of the market and none of those have pending offers and they’re all active at this time.
Just a quick summary there, you can see the majority of homes are between $100,000 and $300,000, that’s over two thirds of the market is in that price range. And things are really moving in that $100,000 to $200,000, that’s 65% of the houses in that price range have pending contracts. So 2 out of every 3 houses in that price point has an accepted offer. So that’s really moving! That’s the market as a whole.
Let’s look at what’s happening in the last 30 days and then we’ll draw in on what’s happened in the last two weeks and the last week.
The market is changing day by day and hour by hour and we’re monitoring it now more than ever. So in the last 30 days there have been 135 new homes that have come on the market. Of those, 50 of which already have accepted offers on them. In the last 30 days, 133 homes have received accepted offers on them, whether they’ve been on the market awhile or they’re new, in the last 30 days there have been 133 homes with accepted offers. 79 homes in the last 30 days have either closed and sold, so that’s a picture of what’s happening in the market in the last 30 days.
Now in the last 14 days, there have been 59 new homes that have come on the market. 18 of those already have accepted offers on them. And in the last 14 days, in total, there have been 55 homes that have gone under contract and have accepted offers and 39 homes have closed in the last 14 days.
Ok! Things are still happening and things are still moving, like I said. Even in the last two weeks, there have been 59 houses that have came on the market, one third of those already have accepted offers, right.
Let’s take a look at what’s happening with showings and activities. So in the first week of March there was 500 showings, in the second week of March there was 480 showings. So, this is just showings in the greater Wausau area that are happening. The third week there were 360. The fourth week there was 215.
Obviously you can see in the first week there were 500 and in the last week 215. So the amount of activity and the showings are going down. That makes sense. Obviously there is a push for people to stay at home. Some buyers are going to wait this out or kind of wait at the sidelines. Some sellers are a little bit leary about having showings. It just varies from person to person, which is ok.
Us, as a team, we are supporting each person in their decision in how they want to maneuver what’s going on during this time. So statistically the number of showings is going down. Now, it’s April 3rd and in the last 7 days there have been 225 showings, so there has been a slight uptick from the last week of March to the 7 days of showings, which basically shows we’re probably going to be looking at 200 to 250 showings here.
The market has slowed down quite a bit but things are still happening. If the coronavirus wasn’t a thing and that wasn’t going on, we’d probably have 500 – 600 showings, but because of everything, we have between 200 and 250. That’s where the market is at.
Ok, so I just threw a bunch of data at you guys, what does this all mean?
Things are still happening. Let’s look at the last 14 days. There have been about 60 houses basically that have came on the market. 18 – 20 of those have accepted offers on them. So there’s things that are moving. There are people that desperately need to buy and there are still people that desperately need to sell and again, it just depends on each person’s comfort level and how they want to maneuver this and we’re going to support each person in their decision and keep them updated on what’s happening in the marketplace.
The activity levels have gone down, right. We talked about the showing activity and what’s going on there. The first week in March there was 500 showings and during the last 7 days, there have been 225.
The market overall is still fairly decent. Market values haven’t changed much in the short term. That could change, but we’re seeing that the new homes coming on the market, the values haven’t changed.
Things might slow down a bit in the future here and because there is some uncertainty here. Some buyers and some sellers may be slightly more motivated to sell now, but in general we haven’t seen the values change drastically.
So if you’re thinking about buying or selling during this time, really the key is consult an agent or myself and we’re really dialing in what is your comfort level during this time. Obviously our #1 is staying safe during this time and being socially responsible and monitoring the market to figure out what can we do to make things happen while being safe and respectful to other people around.
So, that’s a little bit on what’s happening in the market. I know that’s a lot of data, but that’s the facts. That’s what’s happened and what we know. So I just wanted to give you guys the facts on what’s really happening. If you have any questions, let me know!
Like I said, things are changing day by day, so if you want a more accurate idea, give me a call, I’m happy to provide that. Thanks so much for listening! I appreciate your support of the show and you guys tuning in, it means a ton to me.
Let’s keep moving forward and being positive where we can. Thanks so much!
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Austin Solomon | The Solomon Group – Coldwell Banker Action – (715) 212-4693