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What's NEW! (updated March 2014)
Cold January Impacts Sales But NOT Prices.
The harsh winter took a toll on January home sales in Wisconsin, according to the most recent analysis of housing market activity released by the Wisconsin REALTORS® Association (WRA). Existing home sales were down 6.8 percent relative to January 2013, but median prices rose 3.2 percent to $126,900 over that same time frame.
“Home sales cooled along with the weather in January,” said Steve Lane, WRA board chairman. “REALTORS® know that buyers and sellers don’t like closing on homes during winter months, preferring instead to move when the weather improves,” said Lane. Indeed, in a typical year, 17 percent of homes sell between December and February, and only about 4.8 percent of homes sell in a typical January, which is the lowest monthly share of any month during the year. “This winter has been anything but typical, with brutally cold weather and plenty of snow contributing to the decline in January sales,” Lane said. The Wisconsin State Climatology Office indicates that average statewide temperatures are nearly 7 degrees below the 1981-2010 average for the first 8 weeks of the December through February period.
The January median price stood at $126,900, which was up 3.2 percent over the previous year. “While up, the rate of price growth moderated in January, and that’s a welcomed change from the 7.2 percent growth rate seen in 2013,” said Michael Theo, WRA President and CEO. “Our home prices have been far less volatile on the upside and the downside when compared to areas in the western and the southern parts of the country,” Theo said.
Theo also noted that although statewide median prices have grown in 22 of the last 23 months, Wisconsin housing remains very affordable, especially by national standards. The Wisconsin Housing Affordability Index shows the percent of the median-priced home that a household with a median family income can afford to purchase, assuming current mortgage rates and a 20 percent down payment. The index stood at 253 in January, which was lower than the peak level of 293 in January of last year, but well above the level of 165 for the nation in December, and also above the index for the Midwest, which was 218 in December.
Still, the trends point to tightening housing markets in the state. “Our inventory levels have really dropped this past year and we now have just 7.4 months of available supply,” said Theo. He cautioned that the combination of rising prices, rising mortgage rates and diminished supplies will eventually erode affordability in the state. “Many of our urban markets have turned to a sellers’ market, and so it’s important for interested consumers to get into the market sooner rather than later,” Theo said. “Experienced REALTORS® can find the best values in this clearly tightening market.”
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.
3860 S. Austin St, Milwaukee WI. Thoroughly updated Bayview duplex, perfect for owner occupant! 2/2 bedrooms, 1/1 baths, 2 car garage. $174,900.
1707 N. Prospect Ave, Unit 2D, Milwaukee WI. Completely renovated condo just steps from the Lakefront! 1 bedroom, 1 bath, 1 car outdoor parking. $85,000.
13200 Dunwoody Dr, Elm Grove WI. Updated & elegant Elm Grove brick ranch. 3 bedrooms, 2 full/2 half baths, 2.5 car attached garage. $349,900
3135 S. 98th St, Milwaukee WI. Spacious and updated colonial in great southside neighborhood priced to move! 5 bedrooms, 2.5. baths, 2 car detached garage. $179,900.
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.
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