Out with the Old and In with the New!
Our Market in Southern Wisconsin has shown some encouraging signs in the last half of 2011. Single Family Home Sales in our immediate local market of Rock County, Wisconsin Increased by 25% in the last six months of the year compared to the last six months of 2010. And that is without all of the numbers in yet! Those last 6 months of 2011 produced 738 sales as of this last day of the year, versus 590 for the same period 2010.
Finally, in addition to sustained growth in sales, average sales prices did not decline for the period over last year. As a matter of fact, they increased slightly.
Short Sales and REO's accounted for 24% of the number of sales in the last 6 months; identical to last year. However, This year short sales were about 16% of that total versus approximately 7% last year. It looks like the lenders have improved their processes for approving short sales. Plus, I think they have seen the value of a short sale over foreclosure. Our Short Sale prices are about 30% higher than those sold as REO (Bank Owned) properties.
If tighter lending requirements were loosened a little, and interest rates stay low, we could see a year of improvement for 2012.
Happy New year to All!
Jerry Morse, Broker
The Morse Company
Staticscal Source: RockGreen MLS