Diminishing inventory of homes on the market has kept sales lower than the last two years, but has propelled the median prices of homes to reach record levels according to the Wisconsin REALTORS® Association (WRA). Their most recent sales report provided significant statistics for the month of July as shown below.
STATS FOR THE MONTH OF JULY COMPARED TO JULY 2017
- Decreased 5% compared to 2016
- Decreased 7.5% compared to 2015
Median sales price of homes
- Grew 5.9% compared to 2016
- Grew 28.5% compared to 2011
Inventory of homes on the market
- Declined 13.8% compared to 2016
- Declined 45% compared to 2011
As you can see, inventory of homes on the market directly impacts the median sales price. In our market’s current condition, supply of homes is low and buyer demand is high which is pushing up the median sales price of homes to record levels.The WRA predicts that housing demand will continue to be fueled by the projected growth of jobs in the state, with the recent announcements of the Foxconn project and ongoing expansion of Amazon.
Interest rates are still low but the rise in median prices continues to erode affordability. Sellers remain in control of the market so buyers should get pre-approved from their lenders and be prepared to move quickly.The key to success for both buyers and sellers is working with an experienced realtor to help guide them through this aggressive real estate market.
Contact one of our experienced agents today to learn how they can help you accomplish your real estate goals.
Source: “Wisconsin REALTORS® Association: June 2017 Home Sales Report.” WRA: Wisconsin REALTORS Association, WRA, 21 Aug. 2017, www.wra.org/HSRJuly2017/.