Summertime is prime time for housing sales in Wisconsin. After two consecutive months of decline, Wisconsin’s home sales reversed course and increased in May, which pushed home prices up.
May home sales rose 3.2 percent compared to May 2018, and the median price was up 9.1 percent over the past 12 months, rising to $203,000.
An economist who works with Wisconsin Realtors Association, David Clark, says it still remains a seller's market...
"...We had a good May, inventories are really quite tight. The combination of strong demand and limited supply has really pushed the price up..."
He says the statewide average sale price over $200,000 is 'new territory' for them. He says the number of new listings was down a small amount from one year ago. He says fewer listings mean higher prices.
May is an important month for home sales as buyers begin looking with earnest as the weather warms. Clark says almost half of the yearly volume happens over the summer months. He says a strong economy is fueling the demand...
"...We have unemployment rates statewide at 2.8 percent. That's the lowest it's been since we started tracking these data back in the 1970's. Strong demand, tight supply means significant upper pressure on prices..."
In the Northwoods, the average price was $150,000, up four percent from a year ago. In central Wisconsin, the average was $149,000 , up about 9 percent. Sales were down in central Wisconsin by 10 percent from last year, but up nearly 2 percent in the north.