State home sales off to strong start to 2016

Housing market has improved this winter

Home for sale
Record year on track for Wisconsin housing market

Last updated on July 2nd, 2019 at 09:11 am

The number of homes sold in Wisconsin rose 10.4 percent in January, compared to January of 2015, according to the latest report from the Wisconsin Realtors Association.

Home sale activity has been strong in the state this winter. The number of homes sold in the state were up 10.2 percent in December.

Home for sale

“The winter is always our slowest season, but this has been an unusually strong winter thus far,” said K.C. Maurer, WRA board chairman. “We will certainly see home sales pick up as we move into the spring, which signals a strong real estate market for the first half of 2016 and hopefully beyond.”

Number of homes sold in January, by county:

  • Kenosha, 140, up 37.3 percent
  • Ozaukee, 61, up 22 percent
  • Washington, 96, up 21.5 percent
  • Waukesha, 239, up 7.7 percent
  • Racine, 121, up 9 percent
  • Milwaukee, 530, up 6.4 percent
  • Sheboygan, 66, up 4.8 percent
  • Walworth, 80, down 5.9 percent

The median prices of homes sold in the state rose 10.1 percent in January to $148,700.

“This is the strongest price increase we’ve seen since the middle of 2013,” said WRA president and CEO Michael Theo. “We’re seeing a confluence of a solid state economy but also a very low and falling supply of homes on the market. While it has slipped a little, housing affordability in Wisconsin remains strong due to modest estimated family income growth and low mortgage rates. These double-digit housing price increases will eventually take their toll on affordability, so this is an ideal time for buyers to enter the market.”

Median prices of homes sold in January, but county:

  • Milwaukee, $122,000, up 22 percent
  • Waukesha, $254,000, up 15.5 percent
  • Sheboygan, $126,200, up 12.2 percent
  • Walworth, $163,200, up 11.9 percent
  • Washington, $195,812, up 8.8 percent
  • Kenosha, $138,500, up 7.9 percent
  • Racine, $119,000, up 3.6 percent
  • Ozaukee, $218,000, down 8.9 percent

Inventories of homes for sale have dropped to the lowest level since the WRA began tracking inventory levels at the end of 2009.

“We had just 36,450 unsold homes in January, which is the first time we have seen supply fall below 40,000 units,” said Theo. “The absorption rate shows how many months it would take to sell the statewide inventory, given the average monthly sales over the last year. We’ve got just 5.7 months of unsold inventory, and it’s gotten tighter throughout the state. Statistics show metropolitan areas of the state have just 4.3 months of supply while rural areas have fallen to 9.3 months of supply.”

Read more economic data reports on the BizTracker page.

Sign up for BizTimes Daily Alerts

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.

No posts to display