The lack of available homes to buy is cutting into the number of homes being sold in many parts of Wisconsin according to the latest update from Wisconsin Realtors Association.
Home sales in January were 8.9 percent lower than 12 months earlier.The median price rose 3.5 percent over last January to $175,000.
Economist David Clark works with the state realtors association. He says the tight inventory problems have lasted over a year...
"...Statewide we have 3.5 months of supply in January. A balanced market, neither a buyers or a sellers market, is six months. If you're below six months, then you're in seller's market category. The further below you are the stronger the seller's market. This is a seller's market..."
Every region of the state experienced a decline in sales over the 12-month period between January last year and this January. Clark says if you're selling a home now you're in a good position, but if you're buying in some parts of the state, there are fewer choices.
Rural counties have had more homes to sell than urban areas, but that is tightening up as well. In the 18-county northern region, the median price of a home was up 6 percent to $130,000 while the number of sales were off 10 percent from a year ago.
Clark notes that January of 2018 was record month for sales. Clark thinks as more Baby Boomers decide to either scale down or move into other housing, more homes will be available.
