According to the Wisconsin REALTORS Association, homes for sale inventory remains slim overall in Wisconsin, albeit actual sales increased almost 5 percent for the same month last year.
Wisconsin home sales increased 4.9 percent, and the median closing price for homes in the Badger state soared 6.1 percent higher when compared to October 2016. It's not exactly an apples-to-apples comparison because several factors influence the components that make up any given month's median home price, however, it's a relatively accurate measurement when combined with a multi-month home price trend. By comparison, nationwide inflation is currently around an annualized 2 percent.
The only area in the state not experiencing growth is the north region of the state. The central region of the state is witnessing the largest gains when viewed from the same period last year, and grew at an eye-popping 25%. Again, one month results are a very short period to examine with many influences including an average of more smaller or larger homes being sold pushing the results one way or another. Also, the North and central regions typically experience much more price volatility this time of year.
For home buyers, regardless of where in Wisconsin they are located, the message is clear though. As long as homes for sale inventory remain relatively tight, home prices should continue to see upward price pressure and short listing times on the MLS system.
If you're located in Western Wisconsin and would like to talk to a licensed real estate agent, call 715-318-9969