Though January is typically a slow month for housing, Wisconsin saw home sales increase 18.3 percent in January on a year-over-year comparison, accounting for 19 consecutive months of double-digit increases. During the same period of time, median home prices rose 3.4 percent to $123,000.
"The month of January is typically the low-water mark in terms of Wisconsin home sales volume," said Renny Diedrich, chairman of the Wisconsin REALTORS® Association Board of Directors. "To see existing home sales continue the strong pace established in 2012 bodes well for the spring when the market heats up."
The strongest housing growth was seen in the north and central regions of Wisconsin, with sales up 31.6 percent and 28.2 percent on year-over-year comparison, respectively. Diedrich added that this information is interesting because these regions are strong vacation home markets, indicating that potential investors could finally be again looking to take advantage of housing in the area after being hit by the recession.
Throughout 2012, median prices in Wisconsin increased 1 percent when compared to 2011, with appreciation in the last two months increasing well above that amount. Median prices have increased in 10 of the last 11 months in Wisconsin; combine that with 19 straight months of double digit sales, and it seems a full-fledged housing recovery is under way.
Potential homeowners looking to secure funds for a mortgage in Wisconsin should reach out to one of our Wisconsin real estate experts today.