Although home sales were down 7.6% from last July, we recognize 2 things: Last July was an extremely strong month for sales and low inventory is most likely the cause. Buyers are still in fierce competition for homes in the lower to mid price ranges where multiple offers are being seen and sales are happening within an almost record low 83 days.
“Year to date sales remain strong at 3.3% above the first seven months of 2015,” says K.C. Mauer, WRA board chairman. “But tight inventories have slowed sales and pushed up prices,” stated Mauer.
“No matter how you slice it, this points to an inventory problem and not weakness tied to economic factors. The economy is in solid shape, with state unemployment rates low, solid job creation and very low mortgage rates by historical standards,” states WRA President and CEO Michael Theo.
Consistently, across all regions of Wisconsin, sales have dropped and prices have risen. The state median home sale price rose 4% to $170,000 over the last 12 months and have risen similarly for the last four years. Housing in Wisconsin still remains affordable thanks to low interest rates.
Here is the real estate sales recap comparing July sales and prices in 2016 vs 2015: (Source WRA)
Southeast Wisconsin/Metro Milwaukee real estate statistics
3019 homes sold in Southeast Wisconsin in July 2016, a 2.7% decrease over last July. Median sales price up 1.9% to $179,900.
(includes Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha Counties)
South Central/Southwestern Wisconsin area real estate statistics
1711 homes sold in South Central Wisconsin in July 2016, pff 13% from last July. Median sales price up 5.3% to $200,000.
(includes Columbia, Crawford, Dane, Dodge, Grant, Green, Iowa, Jefferson, Lafayette, Richland, Rock and Sauk counties )
Western Wisconsin area real estate statistics
813 homes sold in Western Wisconsin in July 2016, down 7.4% from last July. Median sales price up 12.9% to $175,000.
(includes Buffalo, Chippewa, Dunn, Eau Claire, Jackson, La Crosse, Monroe, Pepin, Pierce, St. Croix. Trempealeau and Vernon counties )
Northeast Wisconsin area real estate statistics
1402 homes sold in Northeast Wisconsin in July 2016, down 11.4% from last July. Median sales price up 3.5% to $147,000.
(includes Brown, Calumet, Door, Fond du Lac, Green Lake, Kewaunee, Manitowoc, Marinette, Menominee, Oconto, Outagamie, Shawano, Waupaca and Winnebago counties )
Central Wisconsin area real estate statistics
521 homes sold in Central Wisconsin in July 2016, down 1% from last July. Median sales price up .8% to $129,900.
(includes Adams, Clark, Juneau, Marathon, Marquette, Portage, Waushara and Wood counties )
Northwoods Wisconsin real estate statistics
708 homes sold in Northwoods Wisconsin in July, down 10.4% from last July. Median sales price up 5.8% to $142,875
(includes Ashland, Barron, Bayfield, Burnett, Douglas, Florence, Forest, Iron, Langlade, Lincoln, Oneida, Polk, Price, Rusk, Sawyer, Taylor, Vilas and Washburn counties )
These numbers from The Wisconsin Realtors Association paint a general picture of the state of real estate in Wisconsin. To see the details of your community or even your neighborhood, connect with a First Weber real estate agent for a free consultation or discussion. They are happy to share local data with you.
To see Wisconsin real estate for sale, please visit firstweber.com and download our free real estate apps.
First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Southwestern WI, Western WI & parts of MN, Central Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com
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