State housing market has strongest 1st quarter since Great Recession

But March sales dip because of lack of inventory

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Record year on track for Wisconsin housing market

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

More Wisconsin homes were sold in the first quarter of 2016 than any first quarter since 2007, according to the most recent analysis of residential housing by the Wisconsin Realtors Association.

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First quarter sales were up 4.2 percent, compared to the first quarter of 2015, and the median price rose 6 percent to $150,000 over the same period.

Sales slipped for the month of March 1.4 percent, according to the association. In the metropolitan Milwaukee area, sales in March were down 4 percent, which is being attributed to low inventory.

“We’ve had a very good start to the year regarding sales, which positions the state well for a good spring and summer,” said K.C. Maurer, Wisconsin Relators Association board chairman. “Although home sales dipped a bit in March, it was still the second strongest March in sales volume since 2007.”

Median prices continued their upward trend, increasing 6 percent in the first quarter of 2016 compared to the same quarter last year.

“What is really fueling these price increases are the very low inventory levels that exist in the state combined with strong demand,” said Mike Theo, association president and chief executive officer.

In Milwaukee County, the median home price was $137,000 in March 2016, compared to $118,975 in March 2015, a 15.2 percent increase.

In Waukesha County, the median sales price increased 3.4 percent in March, from $232,000 to $240,00. In Ozaukee County, it increased from $229,000 to $232,020, a 4.4 percent increase. Racine County saw a 12.7 percent decrease in the median home price from $148,200 to $129,450.

New listings fell 9.7 percent in March compared to March last year.

“One bright spot is that new construction appears to be picking up,” Theo said.

The 12-month period ending in February this year saw 10,069 single-family housing permits pulled. The last 12-month period where permits surpassed 10,000 was early 2009.

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