It’s simple economics. If prices increase, sales tend to decrease.
That is the trend we are seeing with Manitowoc County home sales.
According to the latest report from the Wisconsin Realtors Association, the average price for a home in Manitowoc was at $210,000 last month, which is 20% higher than June 2022’s figure of $175,000.
As a result, the number of homes sold is also down 17.7%, with 113 homes sold in June 2022 compared to 93 this June.
Additionally, those homes are staying on the market just a little bit longer.
The average home was sold in 55 days last month compared to 50 days last June.
The statewide sales figures are following a similar trend, with the median price jumping 8.6% to $304,000, and the number of sales down 19.7%.
The year-to-date numbers are very similar locally.
The average price for a home in Manitowoc County is up nearly 17% when compared to this time last year, and the sales numbers are down nearly 25%.
