Wisconsin’s housing market in June hit record levels for sales volume and prices according to the latest home sales report by the Wisconsin REALTORS® Association (WRA). Over the last 12 months, the median sales price for homes increased a remarkable 6.3%. According to WRA Board Chairman, Erik Sjowall (2017), lack of inventory has helped boost home prices but is the main reason why sales have not grown more. Inventory of homes for the month of June declined 18.3% compared to June of last year and has helped reduce the average days on the market. Demand for housing has been driven by the state’s strong economy. Wisconsin’s unemployment rate was at 3.1% in May which was well below the nation’s average rate of 4.3% for the same time period.
Michael Theo, WRA President and CEO states that pressure on prices will continue as long as inventory levels remain low. He goes on to say, “Home prices this June are now 32.8% higher than that same month 6 years ago” (2017). This is wonderful news for sellers but negatively affects affordability for buyers. It is recommended for buyers to have their financing ready and be prepared to write an offer quickly in this competitive market. Both sellers and buyers are advised to hire an experienced realtor that has expertise in negotiating to successfully close the deal on favorable terms.
Source: “Wisconsin REALTORS® Association: June 2017 Home Sales Report.” WRA: Wisconsin REALTORS Association, WRA, 17 July 2017, www.wra.org/HSRJune2017/.