The Present Real Estate Scenario In Wisconsin
The effect of the recession was drastic in Wisconsin. The average price of homes fell by 7.7% in 2009. A major key factor for the drastic fall was the sheer number of jobs lost and the economic uncertainty. There was a great reduction in demand for real estate after the recession. This led to an overall reduction in prices of properties on the market. For example, the price of a single family home fell from $135000 to about $127000. However, with the economy back on track, Wisconsin Real Estate continues to rebound. Home Sales have risen by 19.5% and the median sale price is also up by 2.4%. Another great news is that for 10 consecutive months, the state has witnessed double digit sales growth. While the average price was pretty much the same as last year there has been a sharp increase in the number of homes sold. However, not all parts of the state have seen stagnation in median prices. There has been an increase in the median prices in the north, northeast and south central parts of Wisconsin.
First Time Buyers Dominate Wisconsin Markets
On the other hand, as compared to the slow recovery of the national economy. Wisconsin sales have pretty much grown at a good rate. However, the inventories of properties in the market remain extremely high. As a result, the median price has been pretty much stuck despite a significant increase since last year in sales. A shocking statistic is that there were inventories of as many as 18 months in 2011. While this has now reduced to about 13month inventories, it is still a huge amount. The sales growth has also been due to the low interest rates and the dirt cheap real estate prices in the area. Moreover, the housing markets have been dominated by first time buyers as of late.