Wisconsin real estate update, July 2014: Sales down a bit, prices increase

August 18, 2014
Wisconsin REALTORS® Association (WRA), 2014 July Home Sales Report, 

Wisconsin’s existing home sales fell in July even as median prices continued to rise. Homes sales fell 2.4 percent in July 2014 compared to the same month last year, and median prices rose 2.4 percent to $158,700 over that same period according to the most recent housing market report released by the Wisconsin REALTORS® Association (WRA).

“Although sales fell short of the last year’s levels, it’s important to remember that 2013 was a very strong year for home sales in the state,” said Steve Lane, WRA board chairman. He noted that with the exception of last year, this has been the strongest eight-month period since 2007, just before the recession began. “The housing sales picture in Wisconsin is complex,” Lane said. “Sales were down 7.6 percent for the first five months of 2014 before they bounced back in June, raising 5.7 percent above June 2013. For July home sales to be close to last year’s strong showing indicates the current market is solid.”

Median prices continue to show modest and sustainable growth, with prices up 2.4 percent in July relative to July 2013. “Midwest housing markets don’t tend to overheat like they do in other regions of the country, and that keeps our prices on a more even keel,” said WRA President and CEO Michael Theo. Although inventories have increased recently, much of the increase is due to regular seasonal patterns as more homes get listed in the late spring and summer months compared to the fall and winter. “Once the seasonality is accounted for, inventories have been quite stable since the end of 2012,” said Theo. There is ample inventory throughout the state to accommodate existing levels of demand and affordability continues to be high.


Regionally, here the real estate sales recap comparing  sales and prices in July 2014 vs 2013: (Source WRA)

Southeast Wisconsin/Metro Milwaukee real estate statistics

2658 homes sold in Southeast Wisconsin in July 2014.  Median sales prices up 3.1%.

South Central Wisconsin/Madison area real estate statistics

1555  homes sold in South Central Wisconsin  in July 2014,  down 6.7%  from  last July. Median sales price up 5.6%.

Northeast Wisconsin/Fond du Lac/Appleton area real estate statistics

1119 homes sold in Northeast Wisconsin  in July 2014,  down 3.9%  last July. Median sales price up 2.3%%

Central Wisconsin/Wausau  area real estate statistics

479 homes sold in Central Wisconsin  in July 2014,  up 12% over  last July. Median sales price up 2.6%.

Northwoods Wisconsin real estate statistics

686 homes sold in  Northwoods Wisconsin  in July 2014,  up 11.9% from  last July. Median sales price stable.

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