It’s a Sellers’ Market, Again… But With a TWIST!

If you’re thinking about buying or selling ahome in Lake Geneva, WI, you need the latest insights to make smart moves. We went from a sellers’ market, a balanced market, back to a seller’s market but with a twist —and whether you’re buying or selling, here’s what this means for you!

📉 It’s Still in a Seller’s Market in Walworth County But Without the Urgency and NOT in Lake Geneva

Fewer listings hit the market this February—no surprise with the cold weather—but that drop in inventory has tightened the market. With fewer homes available, we’re firmly back in aseller’s market in Walworth County but Lake Geneva is in abalancedmarket:

✅Walworth County:2.82 months of inventory

✅Lake Geneva:3.54 months of inventory

💡What this means:

• For Sellers: Less competition gives you a real advantage. This is the time to list if you want to attract serious buyers before spring brings more listings. In Lake Geneva though, because of the balanced market, you’re going to want to get your initial pricing right, otherwise, your home will sit!
• For Buyers: You’ll need to be prepared to act quickly—low inventory means the best homes go fast. Make sure you have a good Realtor, like us, who knows the market, AND you’ll want to price it within our recommendations.

💰 Sales-to-List Price Ratio: Sellers Holding Strong

STRONGERsales-to-list price ratio this month.This shows how close homes are selling to their asking price. This TREND is a good sign for sellers:

✅Walworth County:

• Final Sales-to-List Price: 96.9%
• Original Sales-to-List Price: 94.6%

✅Lake Geneva:

• Final Sales-to-List Price: 92.7%
• Original Sales-to-List Price: 90%
• Another way to think about this is, while it’s improving, homes in Lake Geneva, on average, homes are selling 8-10% below list price.

💡What this means:

• For Sellers: Pricing your home right from the start is critical. The stronger numbers suggest that homes priced correctly are selling close to their asking price, but those that aren’t are overpriced and need to adjust.
• For Buyers: There’s still room to negotiate, especially on homes that have been on the market longer or may be overpriced, but overall – home prices are holding strong.

⏳ Days on Market: What’s Moving & What’s Sitting?

Homes are still selling, but thedays on markettell an important story:

✅Walworth County:

• Average Days on Market: 69.7 days (normal: 40-65)
• Continuous Days on Market: ~100 days

✅Lake Geneva:

• Average Days on Market: 118 days (normal: 40-80) which is about what it was in March of last year BEFORE the spring market hit.
• Continuous Days on Market: ~200 days (skewed by a small sample size)

📊 Pricing Trends: The Gap Between Listings & Sales

The significant gap betweenmedian list pricesandmedian sale pricesin theLake Geneva WI areaisn’t just about overpricing—it’s aboutmarket polarization. Here’s what that means:

✅Walworth County:

• Median Sold Price: $370,000
• Median Active Listing Price: $515,000

✅Lake Geneva:

• Median Sold Price: $560,000
• Median Active Listing Price: $650,000

💡What this means:

• For Sellers: There’s strong demand for lower to mid-priced homes, and those are selling fast—especially if they’re move-in ready. But if your home is overpriced for its size and condition or in the luxury market, expect it to sit longer. Pricing strategically and presenting your home well are critical to standing out.
• For Buyers: If you’re shopping in the $250K to $650K range, be prepared for competition. But in the luxury market, you might find opportunities to negotiate, especially if a home has been on the market for a while.

🏡 Most Popular Price Ranges Sold

Homes in the$250K-$650K rangeare the hottest sellers right now:

✅Walworth County:$250K – $650K✅Lake Geneva:$300K – $650K

💡What this means:

• For Sellers: If your home falls in this price range, you’re in the sweet spot—pricing it right could lead to a fast sale.
• For Buyers: Be prepared to move quickly in this range, as demand is high. Working with a Lake Geneva Realtor who knows the market can give you an edge.

✅ Key Takeaways for Buyers & Sellers

Sellers:Low inventory gives you an edge, butsmart pricing and strong marketingare crucial to avoid long days on the market. Homes priced well are still selling close to their asking price.

Buyers:The market is competitive in certain price ranges, but pricing trends show that sellers are willing to negotiate. Look for homes withhigher days on marketfor potential negotiation opportunities.

🎯 Thinking of Buying or Selling a Home in Lake Geneva, WI? Let’s Connect!

Whether you’re planning to sell for top dollar or find the perfect home, strategy matters.📲Reach out todayor jade@legendaryrealestateservices.com for expert advice and personalized market insights.