Wisconsin home sales in the first eight months of 2018 were nearly two percent lower than the same period of 2017 due to weak housing inventories according to the Wisconsin REALTORS® Association’s (WRA) most recent home sales report. Their analysis revealed that during the same period, median home sales prices rose nearly 7 percent; over twice the annual rate of inflation which varied between 2.1 and 2.9 percent this year.
Just comparing the month of August to last August, home sales were up over three percent and median home prices increased five percent. Regions with more inventory had stronger home sales noted Peter Sveum, WRA chairman. The region with the highest growth of home sales was the North, which increased close to twenty-five percent. However, in the Southeast region of the state, home sales dropped almost one percent due to only having about four months of available supply of inventory (Less than six months of available supply signals a seller’s market).
We have seen houses for sale in Oconomowoc receive accepted offers within just days of being listed. The highly desired area to live in has amplified the interest of developers in the past couple of years. New development to the area brings a glimpse of relief from such a tight housing market. For now, buyers can still find good value in the existing real estate market but need to have financing aligned and be prepared to move forward quickly on the home they want to purchase. Hiring an experienced realtor that knows the area well is the best choice to guide you through today’s competitive real estate market.
Below is a summary of how the number of home sales and median sale prices stack up to previous years in the Southeast region
If you’re curious to know what your home is worth in today’s market or would like to discuss your other real estate needs, please contact us.
Source for information: “Wisconsin REALTORS® Association: August 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, 17 Sept. 2018, www.wra.org/HSRAug2018/.