November Wisconsin real estate update from First Weber Group

Wisconsin real estate sales down, prices stable

As expected, November 2010 Wisconsin home sales are down versus November 2009 Wisconsin home sales, according to data released by the Wisconsin Realtors Association. Why was this expected? If you’ve been reading First Weber’s Wisconsin real estate blog, you’ve heard the explanation before: The home buyer tax credit of last year created artificially high sales in fall of 2009.  When you compare it to a month with no such tax credit in effect, there’s a dramatic difference.

Look at year-to-date Wisconsin real estate sales

Looking at year-to-date Wisconsin real estate sales numbers is a much more more accurate look at the Wisconsin real estate market.  The first eleven months of 2010 compare well to the first eleven months of 2009. Sales are off of last year, year-to-date, by just 8% and the prices are down less than one percent.

Wisconsin home for sale inventory

The WRA data shows a 14 month inventory of houses. (This will vary by municipality.) Absorption rates in a balanced market is about 6 months.  "With this much inventory, we have an excellent selection of homes and prices throughout the state," said WRA President Bill Malkasian. "We continue to see very low mortgage rates, stable home prices, and the preliminary indications are that family income has even grown slightly throughout much of 2010," he said.

Wisconsin Housing Affordability Index

As further evidence, Malkasian said Wisconsin’s affordability index compares favorably to other states and the nation. The index measures how much of a median priced home a buyer with the Wisconsin median income can afford. The Wisconsin Housing Affordability Index is at 235 for November, 2010, up from 217 in November of 2009.

"Wisconsin housing is extremely affordable compared to last year and compared to other states, making this a great time to buy a home," said Malkasian.


Are you thinking of buying Wisconsin real estate? If so, we hope you’ll search Have a real estate question? Please feel free to ask First Weber using the Ask First Weber feature on the First Weber blog. If you are selling your Wisconsin property, you must make your price compelling.

Thank you for reading the First Weber Wisconsin real estate blog for an update on Wisconsin real estate sales.  See additional detailed regional posts at the First Weber Group Wisconsin real estate blog’s Wisconsin real estate statistics category.


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