Home sales were up 6.9 percent statewide in September, compared with September 2015, putting the Wisconsin housing market on track to set a record high this year, according to the latest analysis by the Wisconsin Realtors Association.
Median prices over the same period also continued to increase, up 7.9 percent to $167,450 in September.
“Home sales are the highest we’ve seen in more than 10 years,” said WRA board chairman Erik Sjowall. “Whether you look at the month of September, the third quarter or year-to-date, home sales are at the highest levels since at least 2004.”
In southeastern Wisconsin, the median home price was $181,500 in September, up 10 percent from September 2015. In Milwaukee County, the median sales price was $138,550, up 4.8 percent from the previous year. Ozaukee County had the highest sale prices in September, with a median price of $279,000. Waukesha County followed at $269,950.
Demand outpaced supply again in September, continuing a concern realtors have expressed throughout the year.
“Unfortunately, we could have sold more if we had more to sell,” Sjowall said.
Wisconsin’s two largest cities, Milwaukee and Madison, had 4.5 months and 4.1 months of home supply, respectively. In contrast, non-metropolitan counties in the state had 10.9 months of supply.
Even with the tight supply of homes for sale, every region has seen steady sales growth through the first nine months of this year.
Comparing the median price in September 2016 to past Septembers illustrates how much home prices have moved up since the market bottomed out in 2011. In September 2011, the median price was $134,900. Since then, prices have grown 24.1 percent, or 4.3 percent on a compounded annual basis, according to WRA.
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