Lake Geneva Real Estate Market Update – 2021Q3

Numbers can often be manipulated to the tell the story you believe or wish to believe.  It’s important to look at them both forwards, backwards and heck maybe even upside-down – just to be sure you are getting the full picture.  What I really mean is that it is useful to compare sales data from this quarter to the same quarter last year to account for what economist refer to as Seasonality.  Because after all a Fall market is sharply different from a Spring Market; when the tourists flock to our shores and are anxious to lay claim to their ideal summer escape.

Overall

The Quarter 3 Lake Geneva Real Estate Market update is in and the numbers do not disappoint.  It was a busy quarter with 62 total sales; 36 of these were single family homes (6 homes surpassed the Million dollar mark!!)  While it is of little surprise for a home situated on Geneva Lake to fetch a handsome sum; there were three Victorians in charming Maple Park that received the lions share.  The average price per square foot has increased 52% in comparison to this same time last year to $279.  The simple economic principles of supply and demand are touting their splendor for this continued increase.  Market inventory continues to remain diminished and homes are selling on average for 97.5% of their original list price.

Condos

This quarter saw 26 Condo sales with one sale in the Geneva Towers soaring over the Million dollar marker. In comparison to  Third Quarter 2020 the average sold price per square foot increased nearly 11% to $178.  I find it interesting to note that 13 of the Condo sales occurred over at The Cove, a condo hotel project where the owner is not entitled to use of their real estate exclusively – and perhaps a story for another day. Coming in at 95.01% is the sold to original list price ratio which  is down .5% from last year.  It is great to see this metric has only faltered ever so slightly!  Buyers as a whole continue exhibit inelastic behavior toward price and urgency to buy, even with 11% increase in the price per square foot.

In short Q3 was not quite the fall market we have grown accustomed to in years past, a great reminder that markets are dynamic and are subject to change.  It is a new and exciting era in the Real Estate world!  We look forward to an exciting ride with you all moving forward.

View the full postcard here: q3 2021 – Lake Geneva postcard final

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