2015 February Home Sales Report
March 25th, 2015
The early months of the New Year can be a little slow in Wisconsin with the holidays being over combined with the ever so cold winter days. Luckily, the Wisconsin housing market has seen good news these past few months as it has shown modest improvement in existing home sales in February. Home sales in February 2015 grew 1.8 percent compared to February 2014, and the median prices increased 6.1 percent to $137,900 over that same period.
Dan Kruse, Wisconsin Realtor Association (WRA) board chairman, said, “We know the months between December and February are traditionally low-volume months for home sales in Wisconsin, so it’s good to see some improvement over last year.” Winter sales are up about 1.2 percent from December 2014 through February 2015 in comparison to this period last year. Now into the spring season and summer fast approaching Kruse is hopeful to see a bounce in sales as these two seasons show the most home sales.
Along with homes sales rising this February, the statewide median price rose to $137,900, which is a 6.1 percent increase compared to February 2014. Since 2012, prices have risen 20 percent as well as a three-year appreciation in home prices. This appreciation is due in part to shrinking inventories. In February, 7.5 months of inventory were available statewide in relation to three years ago when a 12.1-month supply was available.
The Wisconsin Housing Affordability Index shows the percent of the median-priced home that a household with a median family income can afford to buy, assuming a 20 percent down payment with the remainder financed using a 30-year fixed mortgage at current rates. The dream of homeownership has been kept alive in Wisconsin with the help of low mortgage rates as well as modest state job growth with the unemployment rate dropping to 4.8 percent in February.
WRA President and CEO Michael Theo said, “With interest rate hikes on the horizon and relatively tight inventory levels, especially in urban counties, this is really an ideal time to get into housing while it is still affordable.”
If you are thinking of buying a home, now is the perfect time to do it. Using Sprinkman Real Estate’s expertise is one of the best ways to take advantage of the wonderful listings still on the market today!
To read the full 2015 February Home Sales Report click here: https://www.wra.org/hsrFeb2015/