Over the last two months, the inventory of houses for sale in Wisconsin has expanded but the enduring seller’s market remains. The unbalanced real estate market is indicated by the available housing supply standing well below six months which is what signals a balanced market. The number of listings in July were up 3.4% compared to last July but the number of home sales were 3% lower over the same time period, according to the Wisconsin REALTORS® Association’s latest analysis of Wisconsin’s current home market.
The tight housing supply, especially in southeastern Wisconsin, has impelled housing prices to increase. It was revealed in the WRA’s latest analysis that the median sales price in July was up 7.5% compared to last July. The number of days on the market dropped in every region over the last twelve months, with the southeast region having the lowest in the state with an average of just 71 days. The WRA reported that in the last 12 months, mortgage rates were up a ½ percent but remained favorable at 4.53% in July. To be successful in today’s constrained housing market, the WRA recommends to have financing aligned, write clean offers without contingencies, and be prepared to act quickly when your realtor finds the right home for you.
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Source for information: “Wisconsin REALTORS® Association: July 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, www.wra.org/HSRJuly2018/.
