Racine real estate market update

April 13, 2011

Earlier this week, we reported on Metro MLS numbers which are down slightly in terms of number of homes sold since last year at this time – but up from the previous year.  What’s happening in more local areas? The Racine Journal Times did an article on the Racine County real estate market and interviewed Racine MLS board member and Manager of First Weber’s Racine office, John Crimmings.

Racine County Residential real estate (source Metro MLS)
Sold 2009 Sold 2010 Sold 2011 Sold 2009 vs 2010 Sold 2010 vs 2011
January 61 60 95 55.75% 58.3%
February 71 114 95 33.8% -16.7%
March 132 147 122 -7.6% -17%
Total 264 321 312 18.2% -2.8%

In essence, Racine saw the same results. Sale were down slightly off the first quarter of 2010 which had a sales boost due to the first time home buyer tax credit in effect then.  Comparing this year’s sales to the first quarter of 2009, in which there was no tax incentive, is an apples-to-apples comparison and sales are up 18% over 2009’s first quarter.  Foreclosures and short sales – where the lender accepts less than is owned on the house – drags down sales prices.  The average sales price in Racine County has fallen by almost 28% as a result.  Keep in mind, the average sales price in Racine county falling by 28% doesn’t mean your home’s value has also fallen that much.   To find out what homes like yours sold for, please contact an agent in our Racine Office. You can also search sold property at first weber.com

In the article Crimmings is quoted "People are staring to realize that, OK, it may be time to get back in the market. Activity seems to be increasing." He added "That by no means means things are rosy. It may be painful for sellers who have to sell for less than they wanted."  Another thing to remember is if you are selling for less, you’re probably also buying for less  – your money buys more now.

Thanks for reading the First Weber Wisconsin real estate & Wisconsin living blog about the real estate market in Racine.  If you need Racine real estate services or want to buy real estate in Racine, please visit firstweber.com

Subscribe via email for blog updates