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Too Many Buyers, Not As Many Listings, But North Has More

Pixabay.com paulbr75

If you're selling a home, you're in good shape. If you're buying a home, it could cost more.

For the second straight month, Wisconsin’s sales of existing homes failed to keep pace with last year’s sales, which put significant pressure on home prices, according to the most recent analysis of the state housing market by the Wisconsin Realtors Association.

Home sales in April were almost 10 percent below the levels of 12 months earlier, while median prices rose 8 percent to $195,000 over that same period.

Economist David Clark works with the realtors. He says there are more buyers than listings. That's good for people selling homes, he says...

"..Those homes that do find their way onto the market sell pretty quickly and those who don't adapt to that, that is, get their financing lined up, be ready to put in offers as soon as a house comes on the market, may be frustrated by the fact they can't find a home to buy...."

In the northern 18 counties, the median price rose 5 percent, while sales were off 5 percent. Clark says rural counties have had more homes to sell than urban areas, but that is changing...

"Now they have tightened there, but it's still more of a buyer's market. The northern region had 7.4 months of supply in April, they had 8.2 months the previous year, so they have gotten tighter..."

Clark says one change included more listings being posted in April heading into the best buying months of the year coming up.

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