Brian and David Wickert join WTMJ’s Mark Seigrist to get to the bottom of February’s homeownership numbers and explore factors influencing today’s local market.
This week on the Accunet Radio Show:
Brian and David share the stories of Wisconsin home buyers, including a police officer, a home buyer who prevailed over 13 other offers and a woman who saved $90,000 by using a fixed rate loan to finance a new condo.
This week’s highlights
- We’re continuing to see low rates corresponding with low unemployment statistics in Wisconsin (as reported by the Bureau of Labor Statistics)
- There are currently 3,174 single family detached homes listed for sale (and some of those already have offers, by the way).
- It’s a seller’s market all the way from $30,000 up to $45,000 and balanced from $450,000 and $750,000.
Takeaway: If you are thinking about selling your condo or single-family home, get it on the market ASAP to take advantage of the market.
February breakdown: Good news and bad news.
The total number of single-family detached homes and condos that sold in the 5-county metro Milwaukee area in February was statistically unchanged from a February 2018.
The good news: Houses are selling, and fast
- 1,071 buyers and sellers exchanged the keys with the help of a member of the National Association of Realtors according to the Multiple Listing Service.
- February’s number of sales was UP 6.5% (or 65 closings) compared to February 2017. January increased by 3.6% compared to January 2017.
- The median sales price for February (single family and condo together) was $191,000, which is up 9% from a year earlier and up 12.4% from February 2017.
- Closing in February priced between $160,000 to $274,999 took an average of 58 days from the time the “For Sale” sign went up to the day of closing.
- We’re seeing a continuing trend of more offers being made in January, with more houses being closed on in February.
If you’re looking to sell a condo, get it on the market, because it’s going to go like a hotcake.
The bad news: Lack inventory to sell
The number of new single-family detached homes and condos listed for sale in February was down 14.5% with just 261 listings. At first, I was thinking weather, right? No one wants to buy a house when it’s freezing. But that should only affect single-family detached homes; you can list a condo anytime. Well:
- Single-family listings were down 11% in February compared to last year. That’s only 161 fewer listings over the entire 5-county area.
- The big problem is condo listings being down 29%.
- In Milwaukee County (where the majority of condo sales occur), sales were actually up 10.5% in February, but listings were down 31%. Ouch.
So what do I do?
Sellers are in a power position, so buyers need to be prepared to offer over asking price to be considered. Bottom line is that in most popular and affordable price ranges, which in SE Wisconsin is between $100,000 and $450,000, there will continue to be upward pressure on home prices because there are more eager buyers than there are sellers.
Sellers: If you’re trying to sell your condo or single-family home, get it on the market.
Buyers: Take advantage of low rates by financing a condo or single-family detached home.[elementor-template id=”10109″]
Want the Lowest Rate on Your Home Loan?
Let's Get Started!
You Might Also Like
Aenean sollicitudin egestas elit vel mattis. Proin non lorem arcu. Sed ornare venenatis sapien id iaculis. Etiam ultricies interdum commodo. Aliquam erat volutpat.