Both the number of sales and the median sales price rose by significant amounts according to the recent report from The Wisconsin REALTORS Association. November sales rose 19% over last November, setting a new record for the month – at a time sales normally slow down. Strong sales combined with low inventory levels supported a large increase of 8.3% in the median home sale pricce, now up to $162,400 statewide. Year-to-date median sales prices have increased 5.4% compared to the same time last year.
Demand exceeds supply of homes
As in months past, sales would have been even higher if there were more homes on the market. Interest rates are very low, buyers are out in force and competing for well-kept, well-priced homes.
“This has been an excellent year for sales, and unless the tight inventories keep December sales down, we should see a record year for the Wisconsin housing market,” said Erik Sjowall, WRA board chairman.
It is a great time to sell with this buyer demand. And buyers, even though prices are rising, the rates are still incredibly low, even with a predicted increase.
“It’s important to emphasize that we are only about a half percent above the all-time low for the 30-year fixed rate mortgage, so this is still an excellent time to get a mortgage, but buyers need to move quickly when they find the right home,” said Michael Theo, WRA President & CEO.
Here is the real estate sales recap comparing November sales and prices in 2016 vs 2015: (Source WRA)
Southeast Wisconsin/Metro Milwaukee real estate statistics
2094 homes sold in Southeast Wisconsin in November 2016, a 22.2% increase over last November . Median sales price up 6.7% to $177,750.
(includes Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha Counties)
South Central/Southwestern Wisconsin area real estate statistics
1082 homes sold in South Central Wisconsin in November 2016, up 4.1% over last November. Median sales price up 2.8% to $190,000.
(includes Columbia, Crawford, Dane, Dodge, Grant, Green, Iowa, Jefferson, Lafayette, Richland, Rock and Sauk counties )
Western Wisconsin area real estate statistics
564 homes sold in Western Wisconsin in November 2016, up 22.1% over last November. Median sales price up 21% to $169,450.
(includes Buffalo, Chippewa, Dunn, Eau Claire, Jackson, La Crosse, Monroe, Pepin, Pierce, St. Croix. Trempealeau and Vernon counties )
Northeast Wisconsin area real estate statistics
1090 homes sold in Northeast Wisconsin in November 2016, up 27.5% over last November. Median sales price up 8.5% to $141,000.
(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
339 homes sold in Central Wisconsin in November2016, up 10.8% over last November . Median sales price up 6.8% to $125,000.
(includes Adams, Clark, Juneau, Marathon, Marquette, Portage, Waushara and Wood counties )
Northwoods Wisconsin real estate statistics
606 homes sold in Northwoods Wisconsin in November, up 26% over last November. Median sales price up 7.8% to $138,500.
(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.
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