Wisconsin’s housing market continued to experience an increase in sales and median prices through November, according to the most recent analysis by the Wisconsin Realtors Association.
November home sales across the state rose 19 percent compared to November 2015, setting a new sales record for the month of 5,789. The increase in sales combined with continuous low inventory pushed median prices up 8.3 percent to $162,400.
The state is on pace to have its strongest year since the WRA changed the way it recorded sales in 2005.
Through the first 11 months of the year, sales were up 5.9 percent and median prices have increased 5.4 percent compared to the same period last year.
“This has been an excellent year for sales, and unless the tight inventories keep December sales down, we should see a record year for the Wisconsin housing market,” WRA board chairman Erik Sjowall said in a statement.
Every region in the state saw healthy growth in sales in November with all but one region up by double-digit margins over the past year.
In the southeast region, which includes Milwaukee, Kenosha, Ozaukee, Racine, Sheboygan, Walworth, Washington and Waukesha counties, home sales were up 22.2 percent in November with 2,094 homes sold in the region.
In Milwaukee, 795 homes were sold, with a median price of $136,500, up 13.8 percent from November 2015.
The overall median price in the southeast region is up 6.7 percent, from $160,000 to $170,750, with Sheboygan and Kenosha counties seeing the highest increases at 14.8 percent and 14.3 percent, respectively.
The highest median price in the region is in Washington County at $199,400.
Inventories are tight in all of the urban counties, especially Dane County, where supply is just three months.
“We’ve been concerned about the limited supply all year, and inventories fell even further in November,” Sjowall said.
Metropolitan counties across the state had 5.3 months of supply in November 2015 but only 4.1 months available supply in November this year.
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