A house at 905 Larchmont Drive
is listed at $239,900. State home sales lagged
behind 2013 levels in July.
Existing Wisconsin single-family home sales in July ran behind
the same month a year ago even as median prices continued to
Realtors Association released its monthly report Monday, which
showed July’s home sales were behind 2.4 percent compared with
July 2013. The decline was attributed to robust home sales in
July 2013, which were more than 17 percent above the July 2012
sales fell short of the last year’s levels, it’s important to
remember that 2013 was a very strong year for home sales in the
state,” WRA board chairman Steve Lane said.
reported that 7,240 homes were sold in July 2014 compared with
7,417 in July 2013. Much of the state posted negative numbers,
with the exception of the Central and North regions, which
registered gains of 12.4 percent and 11.9 percent, respectively.
reported last week that the Milwaukee-area real estate market,
which includes Milwaukee, Waukesha, Washington and Ozaukee
counties, was behind 0.8 percent in July.
Sales for the
South Central region trailed 6.7 percent. The West region
trailed 5.9 percent, and the Northeast region 3.9 percent.
On a whole,
home sales through the first seven months of the year were
behind 4.2 percent, the WRA reported. The Milwaukee-area region
has sold 10,155 homes, but remains 6.4 percent behind the first
seven months of 2013.
reported that with the exception of last year, home sales for
the first seven months of 2014 have been the strongest since
2007, when the real estate market took a significant downturn
because of the recession.
sales picture in Wisconsin is complex,” Lane said. “Sales were
down 7.6 percent for the first five months of 2014 before they
bounced back in June, raising 5.7 percent above June 2013. For
July, home sales to be close to last year’s strong showing
indicates the current market is solid.”
in July 2014 showed modest and sustainable growth, with prices
up 2.4 percent in July compared with July 2013. The median price
also is up 2.9 percent year-to-date compared with the first
seven months of 2013.
price of a home in July 2014 was $158,700. The average price for
the year through July 31 stood at $147,000.
Home prices in
July were 5.7 percent ahead in the Milwaukee-area market. The
four-county region is up 2.4 percent over the first seven months
of last year.
in the state saw price increases in July except for the West
(down 1.4 percent) and the North (no change).
housing markets don’t tend to overheat like they do in other
regions of the country, and that keeps our prices on a more even
keel,” WRA President and CEO Michael Theo said.
Inventories inch ahead
reported that statewide inventories were slightly up to 10.2
percent in July, as there were 57,756 homes for sale. The
inventory list includes residential single family, duplexes,
condominiums and townhouse properties.
reported that the metropolitan housing markets have less
available inventory compared with rural counties, but there
remains an ample supply of homes throughout the state to
accommodate existing levels of demand.
number of new listings for July was behind 1.2 percent (11,620)
from July 2013 (11,766), but year-to-date, the numbers are up
1.2 percent to 77,617.
believes much of the increase is because of normal seasonal
patterns, as more homes are listed in the late spring and summer
months compared with the fall and winter.
seasonality is accounted for, inventories have been quite stable
since the end of 2012,” Theo said.
home remains an affordable option for prospective buyers in the
state. The Wisconsin Housing Affordability Index was at 209 in
July 2014 compared to a revised 212 in July 2013.
The rate is
determined by the median-priced home that a buyer with the
median family income and 20 percent down payment can afford to
buy at current mortgage rates.
“This is a
conservative measure because there are some creditworthy buyers
who can buy their first home with much less than 20 percent
down,” Theo said.
indicated that realtors throughout the state are reporting
renewed interest among young buyers. A recent survey of buyers
and sellers conducted by the National Association of Realtors
revealed that 38 percent of homes were sold to first-time
buyers, which is close to the historical average of 40 percent.
and relatively slow recovery may have deferred the younger
buyers’ transition to owner occupancy, but they haven’t given up
on the dream of owning a home,” he said.
Ozaukee County home sales decline in July
Gary Achterberg - News Graphic Staff
COUNTY – July home sales in Ozaukee County declined when
compared to a month ago, but real estate brokers voiced
confidence in the health of the market.
The data is
in a report released last week by the Greater Milwaukee
Association of Realtors.
were 135 sales in Ozaukee County last month, 10 fewer than in
July 2013. That’s a 6.9 percent decrease. There were 167 new
listings in Ozaukee County in July, compared to 165 in July
2013, a 1.2 percent increase.
in home sales in Ozaukee County outpaced the 0.8 percent decline
that occurred in the four-county metro area of Milwaukee,
Waukesha, Washington and Ozaukee counties. There were 1,962 home
sales last month, compared to 1,978 the same month a year ago.
County was the only county in the region with an increase in
sales. The 1,044 closings last month, compared to 991 a year ago
represent a 5.3 percent increase. Washington County notched the
biggest decline of 10.8 percent – with 181 sales, compared to
203 sales a year ago.
County was the only county in the four-county region with a 6.5
percent decline in new listings in this July compared to the
same month last year. Milwaukee County led the region with a 3.8
average for the region was a 2.4 percent increase. That is the
sixth month in a row that the number of listings for the region
showed an increase over the same month last year. The 2,703 new
listings in July pushed total listings in the market to 12,030.
seasonally adjusted inventory level for July was 8.4 months,
just behind June’s 8.5-month level. The seasonally adjusted
level was eight months in July 2012.
1,746 listings with an active offer are subtracted from current
listings, the inventory is effectively six month, a slight
improvement over June’s 5.8-month level. A year ago, the same
calculation showed July’s inventory level at 5.7 months.
The GMAR is
projecting sales for the four-county area for the year will fall
in the vicinity of 16,331 units, about 10 percent behind 2013
but basically even with 2012. Brokers have said that a sizable
percentage of past years’ sales were distressed properties, but
in 2014 they are seeing more “regular” and “solid” sales,
generally characterized as young, first-time buyers, move-up
buyers with children looking for a larger home and empty-nesters
moving into a new home or condo.
also released information on municipalities within Ozaukee
County. Here are details:
Cedarburg – There were 89 home sales between Jan. 1 and June 30,
2014. The average sale price was $274,441 and the average days
on market was 95. During the same six-month period in 2013,
there were 106 sales with an average price of $302,593 and an
average of 113 days on market.
Grafton – There were 101 home sales between Jan. 1 and June 30,
2014. The average sale price was $237,440 and the average days
on market was 109. During the same six-month period in 2013,
there were 101 sales with an average price of $206,607 and an
average of 97 days on market.
Mequon – There were 154 home sales between Jan. 1 and June 30,
2014. The average sale price was $380,711 and the average days
on market was 110. During the same six-month period in 2013,
there were 152 sales with an average price of $435,575 and an
average of 125 days on market.
Thiensville – There were 30 home sales between Jan. 1 and June
30, 2014. The average sale price was $140,377 and the average
days on market was 124. During the same six-month period in
2013, there were 25 sales with an average price of $179,926 and
an average of 105 days on market.
Gary Achterberg can be reached at