2015 July Home Sales Report

By
Real Estate Agent with RE/MAX Realty Center

2015 July Home Sales Report

Hot Wisconsin Housing Market Continues to Grow in July

 

MADISON, Wis. — The hot Wisconsin housing market showed continued strength in July with both existing home sales and median prices higher than the levels in July last year, according to the most recent analysis of residential housing conducted by the Wisconsin REALTORS® Association (WRA). Existing home sales increased 16.9 percent in July 2015 relative to July 2014, and median prices rose 3.8 percent to $163,999 during that same time frame.

“Summer is obviously our peak sales period, and it’s encouraging to see a continuation of the strong sales that began in the spring,” said Dan Kruse, WRA board chairman. “This is the strongest spring and early summer sales volume we’ve seen since before the recession,” said Kruse. Home sales have been up by double-digit margins compared to last year in all but one month since March this year, which made this the best start to the year since 2005. The period between March and August account for about 59 percent of annual sales in a typical year. “We’re definitely on pace for a very strong 2015 if sales continue to grow at this pace,” said Kruse.

Every region of the state was up in July, with the strongest growth seen in the Northeast region where sales grew 30.3 percent compared to July 2014 as well as the South Central region where sales were up 21.8 percent over that same period. Other strong regions were the West, up 14.6 percent; the North, up 2.5 percent; and the Southeast, up 11.9 percent. Modest growth was also recorded in the Central region, which was up 5.8 percent.

July saw median prices grow 3.8 percent relative to last July. “While median prices have been growing throughout the year, it’s actually good to see the pace settle down a bit,” said WRA President and CEO Michael Theo. For the first half of the year, median prices increased 6.9 percent, which could ultimately erode affordability in the state if this trend continues. “Fortunately the minor changes in prices coupled with slight improvements in mortgage rates and income levels have kept affordability almost unchanged over the year,” said Theo. The Wisconsin Housing Affordability Index shows the percent of the median-priced home that a buyer with a 20 percent down payment and median family income can qualify to purchase. The index stood at 218 in July, which is nearly identical to its level during July last year.

Although new listings of homes for sale are up slightly for the year, they dipped somewhat in July, which put some pressure on inventories. “The supply of available housing continues to tighten and has become a more serious problem in the cities,” said Theo. Available inventory is down 14 percent to 8.7 months statewide, but counties that are part of metropolitan areas had just 6.5 months of available supply in July, which will continue to put upward pressure on home prices. REALTORS® advise that buyers in such markets will need to consider what the market might look like a year from now. “There are still great opportunities out there, but buyers need to be prepared to move quickly when the opportunity presents itself,” said Theo. “Working with an experienced REALTOR® who knows the local neighborhood remains the best way to identify the best values in a tight housing market,” he said.

About the WRA
The Wisconsin REALTORS® Association is one of the largest trade associations in the state, representing over 13,500 real estate brokers, sales people and affiliates statewide. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS® Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the quarter. All data collected by Wisconsin REALTORS® Association are subject to revision if more complete data become available. Beginning in 2010, all historical sales volume and median price data at the county level have been re-benchmarked using the Techmark system which accesses MLS data directly and in real time. The Wisconsin Housing Affordability Index is updated monthly with the most recent data on median housing prices, mortgage rates, and estimated median family income data for Wisconsin. Data on state foreclosure activity is compiled by Dr. Russ Kashian at the University of Wisconsin–Whitewater.
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Midwest Rainers
Tags:
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Ambassador
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Jim Crawford
Crye-Leike REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Kristin Johnston, Waukesha Realtor 414-254-6647 Thank you so much for taking the time to prepare and share this report!  Great stuff - perfect information for buyers and sellers alike!

Aug 18, 2015 06:05 AM #1
Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks jim!

Aug 18, 2015 07:50 AM #2
Ambassador
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TeamCHI - Complete Home Inspections, Inc.
Complete Home Inspections, Inc. - Brentwood, TN
Home Inspectons - Nashville, TN area - 615.661.029

 Good Tuesday evening Kristen. Really appreciate you taking the time to put together this excellent report on what is happening in your area of Wisconsin.

Aug 18, 2015 10:42 AM #3
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Kristin, Home bueyrs and sellers in the area will appreciate the information.

Aug 18, 2015 08:59 PM #4
Rainmaker
3,079,801
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks much Michael and Gita!

Aug 18, 2015 11:55 PM #5
Rainmaker
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Roy Kelley
Realty Group Referrals - Gaithersburg, MD

Home sellers and home buyers will be in good hands when they use your professional real estate services.

Aug 19, 2015 12:20 AM #6
Rainmaker
3,079,801
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Roy!

Aug 19, 2015 12:51 AM #7
Ambassador
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Great market report for Wisconsin in July 2015. Buyers and sellers will really appreciate this information. Thanks for sharing!

Aug 19, 2015 02:56 AM #8
Rainmaker
3,079,801
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

You betcha Nestor and Katerina!

Aug 19, 2015 02:58 AM #9
Rainmaker
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Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kristin

The Wisconsin real estate market . . . . is . . . . HOT . . . . HOT . . . . Hot . . . .

Great post.

Good luck and success.

Lou Ludwig

Aug 19, 2015 11:39 AM #10
Rainmaker
3,079,801
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Lou!

Aug 19, 2015 12:09 PM #11
Rainmaker
3,246,908
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kristin

The Wisconsin real estate market will remain strong for the remainder of 2015.

Good luck and success.

Lou Ludwig

Aug 20, 2015 09:01 AM #12
Rainmaker
3,079,801
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Lou!

Aug 20, 2015 11:12 PM #13
Rainmaker
3,246,908
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kristin

Wisconsin real estate market has forward momentum.

Good luck and success.

Lou Ludwig

Aug 21, 2015 02:08 PM #14
Rainmaker
3,079,801
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

thanks lou!

Aug 22, 2015 12:06 AM #15
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Kristin Johnston - REALTOR®

Giving Back With Each Home Sold!
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