OCTOBER HOUSING REPORT FOR WISCONSIN AND SAWYER COUNTY
According to the most recent monthly report by the Wisconsin REALTORS® Association (WRA) Wisconsin saw its home sales increase sharply in October compared to the same month last year. Existing home sales rose 29.4 percent over that period, which represents the highest monthly growth rate since August 2011 Median prices also increased 3.5 percent to $134,500 over the period, and this represents the strongest increase in median prices since early 2010. Through the first nine months of the year, home sales are up a solid 20.5 percent and prices are up 1 percent. This represents 16 straight months of sales growth and the eighth month of median price growth. The pace of growth in September was 6.1 percent, but the combined sales of September and October were up 17 percent compared to those same months in 2011.
This time last year, Wisconsin had 15.6 months of unsold inventory on the market; that has since dropped to 10.2 months this past month, which is moving Wisconsin closer to a balanced market. A WRA spokesman indicated that this remains a buyer’s market for the near-term. The statewide foreclosure picture in the state has been improving, and Wisconsin is experiencing modest increases in home prices combined with record-low mortgage rates, which makes the state a very affordable home market.
The Wisconsin Housing Affordability Index, which measures the percentage of a median-priced home that a buyer with the median family income can afford, stood at 254 in October, which is 5.7 percent higher than the revised October 2011 level of 244.
In Sawyer County October home sales stood at 36 vs. 27 in the same period a year ago; an increase of 33.3%. The median price in October was $148,500 as compared to $168,000 a year ago. Year to date in Sawyer County the median price is $154,250 as compared to $179,900 this time last year. Total sales are up 21.5% this year over last with 266 home sales vs. 219 in 2011.
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