Wisconsin can rejoice in some good news on the real estate front. Its existing home sales were up substantially for the second straight month.
Home sales increased by a whopping 31.1 percent in August compared to same month 2010. Median prices dropped by 7.3 percent year over year. The median price of a Wisconsin house in August was $139,000. Quite a deal.
The Wisconsin Realtors Association wasn't terribly surprised by increases in the July-August numbers. Last year, home sales were affected by the federal tax credit for first-time homebuyers. That program expired in June, which affected the sales figures for the remainder of the year.
Month to month comparisons won't be valid until at least the 4th quarter of 2011 or 1st quarter of 2012 when figures don't reflect distortions from the federal program. Realtors are still optimistic, however.
Year-to-date through August, the state's home sales are only off by 5.9 percent compared to 2010. They suggest 2011 will at least be as good as 2010.
August sales were up double-digits throughout the state. Five of six regions in Wisconsin witnessed 20 percent-plus increases. Leading the pack was the West region with a 38.4 percent increase. The central region fared the worst with a 12.4 percent increase when compared to August of 2010.
Median prices of resales fell 7.3 percent in August, compared to the same month in 2010. While this drop is great for homebuyers, sellers aren't terribly enthused. Just be thankful the state was not affected like California, Arizona and Nevada, where, in certain areas, prices fell between 45 and 58 percent during the last five years.
Wisconsin real estate represents a good value. A combination of low mortgage rates and low prices have created a relatively robust market. The state currently has 17 months of inventory on the market, so buyers will reap the benefits for the near future.
If you are among the lucky few to have good credit and a sizeable down payment, you can scoop up a great bargain in the Badger State.
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