The low inventory of homes for sale continued to suppress the number of home sales and put upward pressure on home prices across Wisconsin. Comparing the number of home sales in April to the respective month last year, home sales were down nearly 10% statewide according to the Wisconsin REALTORS® Association’s most recent home sales report.
In Waukesha County, home sales for the first four months of the year slightly trailed behind the number of sales during the same period last year but median home sale prices increased over 6%. There were more new listings this April, but the total number of listings were down. The combination of strong buyer demand and low supply of homes for sale has pushed up housing prices substantially. Although affordability has decreased, we would have still seen more sales if there were more homes available to purchase.
It has been a strong Seller’s market for the last couple years but Buyers can still find some good opportunities. Make sure you have your financing ready and be prepared to act quickly when you find the right home. Working with a REALTOR® that has extensive knowledge and experience in real estate contracts is key to successfully buy a home in today’s tight market.
Source for information and data: “Wisconsin REALTORS® Association: April 2019 Home Sales Report.” WRA, 20 May 2019, www.wra.org/StdContent.aspx?id=2147498345&sso=1.