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 had roughly 5.1 months of supply. Homes priced $500,000 or more had 9.7 months of supply which indicates a Buyers’ market.
The tight housing supply has put upward pressure on home prices yet again. Last year, the median home sales price rose over 6% compared to 2017. For 2019, the WRA predicts that demand for housing will moderate as a result of the recent decrease in affordability and slowing of economic growth. The report goes on to say, “Assuming no recession, the WRA predicts the combination of solid but moderating demand and flat or slightly improving supply should keep housing sales in the vicinity of the last three years. This should also keep prices from going up as quickly as they did in 2018.” (December 2018 Home Sales Report)
If you would like to find out what your home is worth in today’s market or to discuss your other real estate needs, please contact us.
Recommended pages for you:
Browse Oconomowoc Homes for Sale
Browse Oconomowoc Condos For Sale
Sources: “Wisconsin Housing Statistics.” WRA: Wisconsin REALTORS Association, www.wra.org/Resources/Property/Wisconsin_Housing_statistics/.
“December 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, www.wra.org/HSRDec2018/.