Home Sales Up 18 Percent in Wisconsin

By KBJR News 1

Credit: County Properties

Home Sales Up 18 Percent in Wisconsin

February 19, 2013 Updated Feb 19, 2013 at 11:42 AM CDT

Madison, WI (NNCNOW.com) --- Home sales were up 18.3% in Wisconsin in January compared to the same time last year according to the Wisconsin Realtors Association.

In addition, median home prices also increased 3.4%to $123,000 over that same period.

January is usually a slow month for home sales in Wisconsin and typically only accounts for under 5% of the annual sales of existing homes.

“The month of January is typically the low-water mark in terms of Wisconsin home sales volume,” said Renny Diedrich, Chairman of the WRA 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,” said Diedrich.

All regions in the state were up in January. The strongest growth was seen in the North and Central regions, where sales grew at 31.6% and 28.2% respectively, as well as the West region, which was up 22.5%.

“It’s interesting that the fastest-growing regions are areas with strong vacation home markets since these markets were especially hard hit during the recession,” said Diedrich.

Also strong were the Southeast and South Central regions, where sales were up slightly less than 18%, and the Northeast region, which grew at a solid pace of 9.2% over the period.

“We have seen fairly consistent upward movements in median prices since last spring, and that trend continues as we move into 2013,” said WRA President and CEO, Michael Theo.

The Realtors Association also says that median prices rose just over 1% for all of 2012, and the median price appreciation over the last two months has been well above that pace.

Posted to the web by Krista Burns