Wisconsin’s housing market remained strong in February concluding the strongest winter for existing home sales in more than 10 years, according to the latest report from the Wisconsin Realtors Association.
The number of homes sold in the state increased 4.1 percent in February, compared to a year ago.
“This has been a very robust winter for Wisconsin’s housing market with sales at the highest level we’ve seen since we began collecting data in 2005,” said K.C. Maurer, WRA board chairman.
There were more than 12,700 homes sold in the state between December 2015 and February 2016, which exceeds the 2006-2007 winter by 261 sales.
“We’re definitely bringing momentum into the spring and summer months where traditionally most of our sales take place,” Maurer said.
Median sale prices for homes sold in the state in February were up 6.8 percent to $146,800.
“This really continues the trend we saw last year where median prices rose well above the rate of inflation,” said WRA President & CEO Michael Theo.
In the first two months of 2015, prices rose 5.1 percent over the previous year. In the first two months this year, prices were up 7.9 percent over 2015.
“This is a classic supply-and-demand story with low inventories and high demand pushing prices up,” said Theo. “On the seller side, this is shaping up to be another strong year for sales.”
Home sale prices in southeastern Wisconsin were up 5.0 percent in February. Home sale prices by county, for February:
- Milwaukee, $124,000, up 12.6 percent
- Ozaukee, $247,500, up 4.9 percent
- Kenosha, $130,000, up 4.0 percent
- Waukesha, $248,500, up 3.6 percent
- Washington, $185,000, up 0.4 percent
- Racine, $110,000, down 11.3 percent
- Walworth, $152,000, down 17.8 percent
- Sheboygan, $98,000, down 18.0 percent
Read more economic data reports on the BizTracker page