Total home sales in 2018 came in just short of 2017’s record year

Statewide, the total number of home sales in 2018 came in just short of 2017’s record year for home sales, down 2.2% as announced in the Wisconsin REALTORS® Association’s (WRA) December Home Sales Report. Sellers have had the advantage in most real estate markets across the state due to low supply of homes for sale. The association’s report revealed that it is a strong Sellers’ market for homes selling below $350,000, which had inventory levels of only 2.9 to 4 months of supply last year. Having 6 months of supply indicates a balanced housing market.  Homes priced between $350,000 and under $500,000… Read More

September Home Sales Report

The number of home sales are down but prices continue to climb as the supply of homes on the market remain sparse. The inventory of homes on the market under $350,000 lingered well below six months of supply, which marks a balanced market. The limited supply of homes for sale has directly impacted the number of home sales. Year-to-date, there were 524 less homes sold in Southeast WI compared to the same period last year. Affordability is slowly declining though as mortgage rates tick upwards, with another rate increase expected this December. In Southeast Wisconsin, the median sales price in… Read More

Home Sales Report August 2018

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… Read More

Housing Market Report-July 2018

Over the last two months, the inventory of houses for sale in Wisconsin has expanded but the enduring seller’s market remains. The unbalanced real estate market is indicated by the available housing supply standing well below six months which is what signals a balanced market. The number of listings in July were up 3.4% compared to last July but the number of home sales were 3% lower over the same time period, according to the Wisconsin REALTORS® Association’s latest analysis of Wisconsin’s current home market. The tight housing supply, especially in southeastern Wisconsin, has impelled housing prices to increase. It… Read More

Housing Market Report-May 2018

Demand for homes in Wisconsin remained strong in May but the number of home sales fell 5% compared to May 2017 according to the Wisconsin REALTORS® Association’s May 2018 Home Sales Report. In contrast, median home sales prices increased 8% over the same period. The main reason for the drop in home sales and increase in home prices is lack of inventory of homes on the market, which has been a nationwide problem. Metropolitan counties in the state had just over 3.5 months of housing supply in May compared to rural counties which had over 7 months of supply. Typically,… Read More

Housing Market Report-April 2018

The healthy economy continues to invigorate Wisconsin’s housing market as buyer demand remains strong, motivating home prices to persistently increase. According to the Wisconsin REALTORS® Association’s April Home Sales Report, median prices in the state have increased 5.9% in the last 12 months, pushing up the median home sales price to $180,000. The low level of homes for sale is also a major contributing factor to the surge in home prices. Comparing April 2018 to last April, the level of homes for sale were 19% lower and new listings were 14% lower. As a result, it left only 4.2 months… Read More

Housing Market Report-March 2018

For the first quarter of 2018, real estate sales in Wisconsin were up 2.1% and median prices were up 6.3% compared to the first quarter of last year according to the Wisconsin REALTORS® Association’s (WRA) recent analysis of the current housing market. Lack of homes for sale is the leading contributor for the increase in sales prices. The WRA reported that there was only 3.1 months of available supply in urbanized metro areas of Wisconsin, making for a very strong seller’s market in these particular parts of the state. Over the last year, home prices increased nearly 3 times the rate… Read More

The Real Estate Market: A recap of 2017 and what to expect in 2018

For the third year in a row, Wisconsin’s thriving economy helped boost home sales to reach record levels in 2017 according to the Wisconsin REALTORS® Association’s most recent analysis of the housing market. Achieving record home sales given the severe shortage of homes on the market truly indicates how hot Wisconsin’s real estate market is. Annual sales in 2017 increased 1.4% compared to 2016 while the median sales price increased a remarkable 5.5% during the same period. If inventory didn’t constrain sales, we would have seen a much larger increase in the number of home sales. The dynamics of the housing… Read More

Home Sales Report July 2017

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 Home sales 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%… Read More

Housing Market Report – June 2017

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… Read More