Continued tight inventory makes sales drop, prices rise

Existing home sales fell 11% compared to this time last year.  There are simply not enough homes to sell, especially in the lower prices ranges.

This lack of supply has driven prices up 5.4%

 

We determine a buyer/seller market based on months of inventory.  6 months is a balanced market, under 6 months is a seller market and above 6 months of inventory favors the buyer.

Here’s how months of inventory plays out in different price ranges in Wisconsin:

 

$0-$124,999 4 months

$125,000-$199,999   3.7 months

$200,000-$349,999   4.6 months

$350,000-$499,999   7.1 months

$500,000 and up   12.4 months

 

Regionally, here is the real estate sales recap comparing  sales and prices in June 2018 vs June 2017: (Source WRA)

Southeast Wisconsin/Metro Milwaukee real estate statistics

3223 homes sold in Southeast Wisconsin in June 2018, a 13% decrease from last year.  Median sales price up 7.5% to $215,000.

Months of inventory: 3.2

(includes Kenosha, Milwaukee, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha Counties)

 

South Central/Southwestern Wisconsin area real estate statistics

1959  homes sold in South Central Wisconsin  in June 2018,  a 12% decrease from last year. Median sales price up 6.7% to $240,000.

Months of inventory: 3.7

(includes Columbia, Crawford, Dane, Dodge, Grant, Green, Iowa, Jefferson, Lafayette, Richland, Rock and Sauk counties )

 

Western Wisconsin area real estate statistics

874  homes sold in Western Wisconsin  in June 2018,  down 12.8% from last year. Median sales price up 2% to $188,500.

Months of inventory: 3.9

(includes Buffalo, Chippewa, Dunn, Eau Claire, Jackson, La Crosse, Monroe, Pepin, Pierce, St. Croix. Trempealeau and Vernon counties )

 

Northeast Wisconsin area real estate statistics

1711 homes sold in Northeast Wisconsin  in June 2018, down 9% from last year. Median sales price up 4% to $159,000.

Months of inventory: 4.5

(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

608 homes sold in Central Wisconsin  in June 2018,  down 16% from last year. Median sales price up 10% to $149,450.

Month of inventory: 5.3

(includes Adams, Clark, Juneau, Marathon, Marquette, Portage, Waushara and Wood counties )

Northwoods Wisconsin real estate statistics

869 homes sold in  Northwoods Wisconsin  in June 2018,  down 7% from last year. Median sales price up 13% to $169,900.

Months of inventory: 7.6

(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.

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First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin/Greater Madison, Central Wisconsin, Western WI, parts of MN, Michigan’s UP, Northeast Wisconsin andWisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com

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