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What's NEW! (updated November 2013)
Wisconsin Housing Market Strengthens in Third Quarter
Wisconsin home sales were very strong in September, continuing the robust pace that has characterized the year according to the most recent housing report from the Wisconsin REALTORS® Association (WRA). Sales of existing homes were up 15.8 percent in September compared to that same month in 2012 — representing a 13.6 percent increase through the first nine months of the year. Median prices posted similar gains, increasing a very solid 6.7 percent in September relative to September 2012 — an increase of 7.8 percent year to date compared to the first nine months of 2012. Home sales have now been up for 27 straight months and median prices have consistently grown in all but one of the past 19 months.
“As we move out of the summer selling season, this growth in home sales is remarkably strong and shows signs of growing even stronger,” said Steve Lane, chairman of the WRA board of directors. Lane noted that home sales for the third quarter increased 16.5 percent relative to Q3 of 2012. By comparison, Wisconsin home sales were up 11.8 percent in the first half of 2013. “We need to remember that this growth in home sales is occurring even as mortgage rates are up by almost a full percent compared to where they were this time last year, and state job growth has been modest at best,” he said. “Hopefully the national economy will continue to improve, which will help boost the state economy,” said Lane. Nationally, the second quarter real GDP growth was recently revised upward to 2.5 percent, which is a significant improvement over the 1.1 percent growth recorded in the first quarter.
Median home prices were up 6.7 percent to $144,000 in September on a year-over-year basis, and they have increased 7.8 percent for the first nine months of the year relative to that same period last year. “While inventories have tightened, which put upward pressure on our prices, a steady supply of new listings has kept prices from accelerating too quickly,” said Michael Theo, WRA President and CEO. Inventory levels are down to 9.7 months of supply, a decline of 18.7 percent over the last year, but new listings are up 12.6 percent over that same time frame. Housing remains affordable with the Wisconsin Housing Affordability Index standing at 222 in September, down from 257 a year ago. The index measures the percent of the median-priced home that a buyer earning the estimated median family income can afford to buy. It assumes that the buyer is borrowing at current rates for a 30-year fixed-rate mortgage with a 20 percent down payment. “Affordability in Wisconsin is down from last year, but it compares favorably to the national index,” Theo said. The U.S. Housing Affordability Index fell to 154.5 in August. “Wisconsin housing continues to be a good value and with solid appreciation rates over the last year, it is once again a significant way to accumulate household wealth,” said Theo.
If you are thinking of Buying give us a call anytime at 414-333-3723 (Troy) or 262-208-8520 (Mike) to talk about your real estate needs! If you are thinking of Selling please contact us for a FREE market analysis of your home.
3635 S. 24th St, Milwaukee. Solid 2 bedroom Cape Cod in fantastic southside neighborhood. Sold to settle estate. 2 bedroom, 1 bath. $68,900.
3714 W. Grace Ave, Mequon. Stunning all brick Tudor with 110' of frontage on the Milwaukee River. 5 bedrooms, 4.5 baths, 3 car attached garage. $1,075,000.
Please visit our 'Featured Listings' section for more information on these great homes or simply click the green "View all TOTAL Realty Listings" at the top of the page.
Welcome to TOTAL REALTY LLC. Whether you are buying or selling we are here to serve all of your real estate needs. TOTAL REALTY has been serving southeast Wisconsin since 1976.
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If there is a property you would like to tour please let us know when you are available and we can show you any and all listed properties in Southeast WI. We are also experienced and willing to work with 'for sale by owner' properties if your future dream home is not listed in MLS. As a Buyer's agent we will represent YOU in the purchase, not the seller and make sure that YOUR needs and interests are met.
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We also offer limited service listings for clients who want the full exposure that MLS and the internet brings but choose to be more actively involved in the home selling process. Please go to FLAT FEE MLS for additional information.