Discover how the latest trends in The Village of Oak Creek real estate market can help you make informed and strategic decisions. Whether you’re looking to buy, sell, or invest, understanding inventory levels, pricing trends, and sales activity is crucial. Gain valuable insights that can empower you to navigate the market confidently and maximize your opportunities in this beautiful community. Dive in to find out how you can leverage current market conditions to your advantage and achieve your real estate goals.
A Quick Look at the Numbers
Active Listings:
In June 2024, there were 99 active listings, down from 107 in May 2024, showing a month-over-month decrease of 7.5%. Compared to June 2023, which had 91 active listings, this represents a year-over-year increase of approximately 8.8%. Year-to-date, the average number of active listings in 2024 is 103, compared to 87 for the same period in 2023, marking an 18.4% increase.
New Listings:
There were 13 new listings in June 2024, a notable decrease from 30 new listings in May 2024, marking a 56.7% month-over-month decline. Compared to 29 new listings in June 2023, there is a year-over-year decrease of about 55.2%. Year-to-date, new listings have averaged 21.5 per month in 2024, compared to 28.3 in 2023, showing a 24% decrease.
Pending Listings:
June 2024 saw 10 pending listings, down from 24 in May 2024, a decrease of about 58.3%. This is also lower than the 21 pending listings in June 2023, indicating a year-over-year decrease of approximately 52.4%. Year-to-date, pending listings averaged 17 per month in 2024, compared to 24 in 2023, reflecting a 29.2% decrease.
Sold Listings:
In June 2024, there were 16 sold listings, down from 22 in May 2024, showing a 27.3% month-over-month decrease. This is a decrease from the 20 sold listings recorded in June 2023. Year-to-date, sold listings in 2024 have averaged 19, compared to 23 in 2023, indicating a 17.4% decrease.
Active Average List Price:
The average list price for active listings was $1,154,129 in June 2024, down from $1,177,148 in May 2024, a month-over-month decrease of 2%. Compared to June 2023, when the average list price was $1,093,923, this represents a year-over-year increase of 5.5%. Year-to-date, the average list price for 2024 is $1,168,254, compared to $1,109,762 in 2023, a year-to-date increase of 5.3%.
Active Median List Price:
The median list price stood at $1,073,500 in June 2024, down from $1,082,250 in May 2024, a month-over-month decrease of 0.8%. Compared to June 2023, which had a median list price of $1,031,000, this is a year-over-year increase of 4.1%. Year-to-date, the median list price for 2024 is $1,078,000, up from $1,035,000 in 2023, an increase of 4.2%.
New Average List Price:
New listings had an average list price of $960,183 in June 2024, down from $1,004,727 in May 2024, a month-over-month decrease of 4.4%. Compared to June 2023, with an average list price of $941,720, this represents a year-over-year increase of 2%. Year-to-date, the average list price for new listings in 2024 is $989,363, up from $959,587 in 2023, an increase of 3.1%.
New Median List Price:
The median list price for new listings was $915,000 in June 2024, down from $945,000 in May 2024, a month-over-month decrease of 3.2%. Compared to June 2023, which had a median list price of $905,000, this is a year-over-year increase of 1.1%. Year-to-date, the median list price for new listings in 2024 is $930,000, up from $910,000 in 2023, an increase of 2.2%.
Pending Average List Price:
Pending listings had an average list price of $1,038,875 in June 2024, up from $1,021,583 in May 2024, a month-over-month increase of 1.7%. Compared to June 2023, with an average list price of $983,729, this is a year-over-year increase of 5.6%. Year-to-date, the average list price for pending listings in 2024 is $1,030,875, up from $987,000 in 2023, an increase of 4.4%.
Pending Median List Price:
The median list price for pending listings was $995,000 in June 2024, up from $972,500 in May 2024, a month-over-month increase of 2.3%. Compared to June 2023, which had a median list price of $943,750, this is a year-over-year increase of 5.4%. Year-to-date, the median list price for pending listings in 2024 is $993,000, up from $960,000 in 2023, an increase of 3.4%.
Sold Average Sale Price:
The average sale price for sold properties was $1,036,938 in June 2024, up from $983,636 in May 2024, a month-over-month increase of 5.4%. Compared to June 2023, with an average sale price of $856,950, this represents a year-over-year increase of 21%. Year-to-date, the average sale price for sold properties in 2024 is $1,010,833, up from $854,627 in 2023, an increase of 18.3%.
Sold Median Sale Price:
The median sale price for sold properties was $795,000 in June 2024, up from $729,500 in May 2024, a month-over-month increase of 9%. Compared to June 2023, which had a median sale price of $812,500, this is a year-over-year decrease of 2.2%. Year-to-date, the median sale price for sold properties in 2024 is $762,500, up from $700,000 in 2023, an increase of 8.9%.
Average Days on Market (ADOM):
Sold properties had an average DOM of 112 days in June 2024, up from 72 days in May 2024, a month-over-month increase of 55.6%. Compared to June 2023, which had an average DOM of 116 days, this represents a year-over-year decrease of 3.4%. Year-to-date, the average DOM for 2024 is 92 days, down from 108 days in 2023, a decrease of 14.8%.
What Do They Mean?
Analyzing these numbers reveals several insights into the current market conditions:
Inventory Levels
The decrease in active listings month-over-month indicates a reduction in available inventory, suggesting an increasing absorption rate. However, the year-over-year increase suggests that there are still more properties on the market compared to the previous year, signaling a potential oversupply that could benefit buyers.
Sales Activity
The fluctuations in pending and sold listings indicate variable buyer demand, potentially influenced by economic conditions, interest rates, or seasonal trends. Sellers may need to adjust their strategies to attract buyers in this competitive market.
Pricing Stability
The average and median prices for active and sold listings have displayed relative stability. This indicates that while demand has softened, sellers are maintaining their price points, potentially anticipating more favorable market conditions ahead.
Looking Ahead
Price Projections
If the current trend of high inventory and moderated demand continues, we may see further stabilization or even slight decreases in prices, especially in higher price brackets above $1 million. Buyers in lower price ranges might find more opportunities for negotiation and better deals. Conversely, if demand picks up, we could see a stabilization or even a slight increase in prices.
Economic Indicators
Broader economic factors, such as changes in interest rates and employment levels, will significantly influence the market’s trajectory. An increase in interest rates could suppress demand, leading to potential price reductions. On the other hand, stable or improving employment rates could enhance buyer confidence and stimulate market activity.
Seasonal Trends
As we transition into the summer months, the real estate market traditionally sees increased activity. This seasonal boost could help balance the high inventory levels, providing more opportunities for both buyers and sellers. However, it is crucial to observe how economic conditions interact with these seasonal trends.
What Type of Market Are We In?
Based on the current data, the Village of Oak Creek area is showing signs of transitioning towards a balanced market with a slight lean towards a buyer’s market. The high inventory levels and stable sales activity indicate this trend. However, market conditions can vary significantly across different price points and property types, so staying informed about specific market segments is essential.
How Does This Affect You?
For Buyers
Increased Choices: With higher inventory levels, buyers have a broader selection of properties to choose from, enhancing the likelihood of finding a property that meets their preferences and needs.
Negotiation Power: Buyers may find themselves in a stronger negotiating position, potentially securing more favorable deals or terms.
Market Timing: Given the current trends, acting sooner rather than later might be advantageous for buyers to capitalize on the available inventory before any potential market shifts.
For Sellers
Competitive Pricing: It is crucial for sellers to price their properties competitively in a market with high inventory. Overpricing may lead to longer times on market and potential price reductions.
Enhanced Presentation: Improving property appeal through staging, repairs, and effective marketing can significantly attract buyers.
Flexibility: Being open to negotiations and adaptable with terms can expedite sales in a buyer-leaning market.
For Investors
Investment Opportunities: The current market conditions might offer opportunities to acquire properties at attractive prices, especially if the trend towards a buyer’s market persists.
Long-term Potential: Investors should focus on the long-term potential of properties, particularly in areas with strong growth prospects and consistent demand.
Market Vigilance: Keeping a close watch on market trends and economic indicators will be crucial for making informed and profitable investment decisions.
If you have any questions or need personalized advice, don’t hesitate to reach out. Whether you’re looking to buy, sell, or invest, I am here to help you navigate the Village of Oak Creek real estate market successfully. Contact me today to get started on your real estate journey in this beautiful community!
For more information on how these numbers affect you or for a specific neighborhood, contact me for free information.
Village of Oak Creek Current Listings
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