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Messer-Mayer Mill, Richfield, Wisconsin. Photo by Shawn Conrad, CC BY-SA 3.0, via Wikimedia Commons.
Richfield’s housing market remained active in August, with homes selling quickly and sale prices finishing above their year-to-date averages. At the same time, buyers had slightly more inventory available relative to the pace of sales than they have seen across the year as a whole.
Market Activity
11 homes sold in Richfield during August, while only 5 new listings came to market. There were 18 properties available for sale, compared with 95 properties that have been available at some point year to date.
The month’s supply of inventory increased to 1.64 months, compared with the year-to-date level of 1.20 months. While inventory remains limited, buyers had somewhat more selection relative to the pace of sales in August.
Prices
Home values were stronger in August than the year-to-date averages.
The average sale price was $629,818, compared with $592,560 year to date. The median sale price reached $618,000, compared with the year-to-date median of $564,069.
Price per square foot also increased, averaging $268 in August compared with $259 year to date.
Pace
Homes that sold in August moved especially quickly, averaging just 10 days on market, compared with 20 days year to date.
Sellers received an average of 100.11% of list price, slightly below the year-to-date average of 100.89%. Both figures show homes selling very close to asking price on average, even as August sales moved especially quickly.
Inventory
Richfield finished August with 1.64 months of inventory, up from the year-to-date figure of 1.20 months. The absorption rate was 0.61, compared with 1.03 year to date.
Only 5 new listings came to market during the month, while 11 properties sold. That limited flow of new inventory will be worth watching as we move into fall.
Home Flow Insight
Preparing now can make a later move easier.
If you’re considering selling later this fall or even next spring, this can be a useful time to start looking at the home through a buyer’s eyes. Small repairs, deferred maintenance, decluttering, and deciding which updates are actually worth completing can all be handled gradually rather than rushed immediately before listing.
Not every improvement adds enough value to justify the cost. Planning early can help you focus your time and money on the areas most likely to matter when the home reaches the market.
Richfield’s August market combined quick sales with stronger-than-average sale prices, even as inventory increased modestly relative to the pace of sales. With relatively few new listings entering the market during the month, supply remains an important part of the picture heading into fall.
If you’re considering buying or selling in Richfield and would like to talk through what these numbers could mean for your situation, feel free to reach out.
Dillon Reed, REALTOR®
Dillon Reed, REALTOR®
Coldwell Banker Realty
262.305.5704
dillonreedrealestate.com
Market data sourced from Metro MLS. Statistics reflect residential market activity and may change as listings are updated.
