The healthy economy continues to invigorate Wisconsin’s housing market as buyer demand remains strong, motivating home prices to persistently increase. According to the Wisconsin REALTORS® Association’s April Home Sales Report, median prices in the state have increased 5.9% in the last 12 months, pushing up the median home sales price to $180,000. The low level of homes for sale is also a major contributing factor to the surge in home prices. Comparing April 2018 to last April, the level of homes for sale were 19% lower and new listings were 14% lower. As a result, it left only 4.2 months of available supply which indicates a seller’s market. New residential construction is on the rise however. The number of seasonally adjusted permits for new residential construction grew 8.4% in April, relative to last April.
Traditionally, the real estate market heats up during the summer. More than half of all Wisconsin home sales occur between April and August. Due to the lack of homes on the current market, it is anticipated that monthly home sales will struggle to achieve the level of sales 2017 had. If you’re looking to buy, you should be geared up to compete aggressively. This means having your financing pre-approved, acting quickly to write offers, and submitting offers that are competitive. If you’re looking to sell, you should be prepared for a quick sale and have future housing plans in place. Working with an experienced realtor is one of your best options to navigate today’s fierce real estate market.
Source: “Wisconsin REALTORS® Association: April 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, www.wra.org/HSRApr2018/.
