Economist Says Housing Picture Improving In Northwoods
Housing numbers released by Wisconsin Realtors Association show the state's market has returned to pre-Great Recession levels.
Economist David Clark says the May 2016 numbers show a significant milestone as the median price reached $165,000...
"....the recession, given that it was primarily linked to the housing market had caused those median prices to drop to $136,000 by the time they got to May of 2011. Looking at those May median price figures, we have gotten back to those pre-recession levels....."
In the Northwoods, the median price has risen 11 percent from a year ago to $132,000. In central Wisconsin the median price is at $117,000. Sales for north central Wisconsin also are up at least 4 percent from one year ago. Clark did say more people are chasing a shrinking market....
"....statewide we have 6.9 months of inventory. The urban counties have about 5.2 months of inventory. The rural counties have about 11.3 months of inventory. So it's still very much a buyers market in those rural counties...."
Clark says in some parts of the state, inventories are tightening up which could mean higher prices for homebuyers. He says mortgage rates remain affordable in the four percent range.