The number of home sales are down but prices continue to climb as the supply of homes on the market remain sparse. The inventory of homes on the market under $350,000 lingered well below six months of supply, which marks a balanced market. The limited supply of homes for sale has directly impacted the number of home sales. Year-to-date, there were 524 less homes sold in Southeast WI compared to the same period last year. Affordability is slowly declining though as mortgage rates tick upwards, with another rate increase expected this December.
In Southeast Wisconsin, the median sales price in September increased 11% ($20,200) compared to September 2017, according to housing statistics published by the Wisconsin REALTORS® Association (WRA). This was the biggest price increase seen so far this year when comparing each month to their respective month last year. According to the WRA’s home sales report released on October 22, sellers have the advantage for homes selling under $350,000 statewide. Buyers have the advantage for homes above $500,000 as these homes are taking longer to sell, holding at 12.5 months available supply. If you’re considering upgrading to a home at that price range or above, now is an ideal time. There is a good chance you can sell your current house relatively fast and at a good price while also having the upper hand when it comes to purchasing your new home.
Due to the state of the existing real estate market, it is crucial to price a home appropriately. That is one reason why hiring a professional, local real estate agent is imperative. The housing market is continuously changing and a proficient, local realtor has their finger on the pulse of the local market. This enables them to price properties fitting to the current condition of the housing market in order to sell them at the best price on the most favorable terms for their seller. Whether you’re planning to buy or sell, working with an experienced realtor is highly advised to be successful in today’s resilient real estate market.
Here’s a summary of what the real estate market looks like in the Southeast region of the state compared to last year:
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Source for data and information:
“Wisconsin Housing Statistics.” WRA: Wisconsin REALTORS Association, www.wra.org/Resources/Property/Wisconsin_Housing_statistics/.
“Wisconsin REALTORS® Association: September 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, 22 Oct. 2018, www.wra.org/HSRSep2018/.