According to the most recent monthly report by the Wisconsin REALTORS® Association (WRA) Wisconsin home sales continued to grow at a robust pace in November, extending a strong growth trend that started in July last year. Existing home sales rose 24.8 percent last month, compared to that same month in 2011, After increasing for eight straight months, median prices dropped in November, slipping 2.3 percent to $129,900 compared to November 2011.“With 17 straight months of healthy growth in statewide home sales, there’s no doubt that the state housing market has seen a real bounce this year,” said Renny Diedrich, Chairman of the WRA Board of Directors. She pointed out that the year-to-date sales are up 21.2 percent, which is by far the highest levels seen since 2007, just before the recession officially began.
Housing affordability in the state remains high due in part to 30-year fixed-rate mortgages that are under 4 percent. The Wisconsin Housing Affordability Index, which measures the percentage of a median-priced home that a buyer with the median family income can afford, jumped to 270 in November, compared to 242 in November 2011.
In Sawyer County November residential sales were up by nearly 48% but the median price took a large dip in value as compared to last year, down 37%. Year-to-date residential sales are up overall by 24.6% on total sales of 299 units as compared to 240 homes last year. The overall median price this year is off by 14.2%; $154,500 in 2012 versus $180,000 in 2011.
