Oconomowoc Lake, WI Real Estate

Oconomowoc, Wisconsin is a city in Waukesha County home to just under 15,000 residents. Its name is a Potowatomi Indian term meaning, “River of Falling Waters.” The city is conveniently located between the major metropolitan areas of Milwaukee and Madison. Oconomowoc’s natural beauty is wonderfully offset by its outstanding school system, quality healthcare, and booming economy. Oconomowoc – “where quality of life is a way of life.”

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The city’s business climate has been growing rapidly over the years. Current major employers include International Bioflavors, the world leader in the development and manufacture of natural dairy flavors, and Bruno Independent Living Aids, a maker of state-of-the art stair lifts, power chairs and other personal mobility products. Other businesses are often located in one of the four industrial/business parks in the area. The city offers companies some of the state’s lowest tax rates and access to many banks and financial institutions eager to provide capital to new and expanding businesses – all catalysts to the growth and success of the Oconomowoc business community.

Oconomowoc has many highly accredited hospitals, including a nationally recognized behavioral health services hospital and the first network-accredited cancer center in the nation to receive the American College of Surgeons Outstanding Achievement award in recognition of quality care. Not only does the city have some of the best healthcare per capita in the Midwest, but arguably in the entire United States.

Schools
The education system in the Oconomowoc area is excellent. The area is served by the Oconomowoc Area School District (OASD), consisting of five K-6 elementary schools, a 7-8 middle school and a 9-12 high school. OASD schools offer supplemental learning opportunities in addition to the core curriculums, providing students with a well-rounded education. This system delivers results – OASD students score above the national averages on the ACT test and the high school graduation rate is almost 98 percent.

Secondary educational opportunities are abundant as well – Waukesha County Technical is a two-year college located nearby and offers diplomas in a variety of fields. Carroll College is a private liberal arts college offering degrees in more than 36 fields. The University of Wisconsin-Waukesha is a two-year college with a concentration in liberal arts. The city’s convenient location also provides access to colleges and universities in Milwaukee and Madison, including UW-Madison, UW-Milwaukee and Marquette University.

Real Estate
Oconomowoc’s real estate market has been growing exponentially in recent years. Some of the current housing options include scenic lakeside homes, traditional country farmhouses, contemporary condominiums and apartments.

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Market Conditions
Market Conditions for Oconomowoc Lake - October 2019 | Shorewest Realtors®
October 2019

Market Conditions for Oconomowoc Lake

Median Sale Price Graph

Median Sale Price

The median sale price for homes in October was $1,150,000. The median sales price for homes in October rose by $1,150,000 compared to last month. This represents a % increase from September. Compared to the same month last year, the median price of homes fell by ($45,000) representing a -3.76% year-over-year change.

Homes for Sale Graph

Homes for Sale

The inventory of homes for sale fell by 2 in October to 8. This represents 20% decrease from September when 10 homes were on the market. Compared to the same month last year when there were 10 homes for sale, the inventory of homes for sale has fallen by 2 representing a -20% year-over-year change.

Homes for sale represents the number of active listings on the market during the specified month as reported in the MLS system operating within the market area.

Homes Sold Graph

Homes Sold

The 3 homes sold in October was 3 more than in September. This represents a % increase in sales from September. Compared to the same month last year, the number of homes sold did not change 0, a 0% year-over-year .

Homes sold is the total count of properties in the market area that have had a closed sale during the specified month as reported in the MLS systems operating within the market area.

Average Days on Market Graph

Avg Days on Market

The average days on market for a home sold in October (66) increased by 66 days compared to September. This represents a % increase in days on market for homes in the market from the previous month. Compared to the same month last year, the days on market for homes sold increased by 60, a 1,000% year-over-year change.

Average Days on Market is the time period between the date when a home is listed for sale in an MLS system and the date it is sold.

Sale/List Price Ratio

Sale/List Price Ratio

The Sale/List Price Ratio of 89% in October rose by % compared to September and decreased 4.18% compared to the same period last year.

Sale/List Price Ratio is the sale price of a listing divided by the original list price expressed as a percentage. The Sale/List Price Ratio for the market is determined by adding the Sale/List Price Ratio for each listing sold in the market during the month and dividing by the number of listings sold during the month.

New Homes Graph

New Homes

The number of homes listed in October (1) rose by 1 compared to September, a % change. Compared to October 2018, the number of new listings remained level

Newly Listed Homes are the total count of homes that have been listed within the market area during the most recent month, as reported in the MLS system(s) operating in the market area.

Median List Price Graph

Median List Price

The median list price in October was $2,998,000. The median list price for homes in October rose by $2,998,000 compared to last month. This represents a % increase from September. Compared to the same month last year, the median list price of homes increased $548,000 representing a 22.36% year-over-year increase.




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