June best month for Wisconsin home sales in 9 years
Foreclosures down nearly 61% compared to recession’s peak

By Katherine Michalets - Freeman Staff

July 21, 2015

MADISON — June was the best month for home sales in Wisconsin since 2006, according to a Monday report from the Wisconsin Realtors Association.

Existing home sales increased 17.6 percent in June compared to June 2014, while median prices grew 6.3 percent to $169,000 in June, according to WRA. When comparing the first half of home sales in 2015 to the same period in 2014, sales increased 12.3 percent, and median prices increased 6.9 percent.

“This is the best June sales volume we’ve seen in 11 years, well before the recession began,” said Dan Kruse, WRA board chairman, in a statement. “Moreover, June has historically been a very busy month for housing sales. In a typical year, June accounts for about 11.5 percent of annual sales, which is the highest share of any month during the year.”

During the first six months of the year, sales were up in all Wisconsin regions, with the strongest sales recorded in the north and west regions where existing home sales grew between 17.1 percent and 18.5 percent for the first half of the year compared to the same period a year ago, according to the WRA. The growth from January through June in the remaining four regions was tightly clustered in the range of 9.9 percent to 12.2 percent, again relative to the first six months of 2014.

The statewide median price also continued to increase and rose by 6.3 percent to $169,000 in June compared to June 2014.

“Prices are up $10,000 over the last 12 months, and they have been generally rising on an annual basis for more than three years,” said WRA President and CEO Michael Theo in a statement. “It took several years to deal with the excess inventory created by foreclosures, but we are now at pre-recession levels on foreclosures in the state, and inventory levels are at healthy levels statewide.”

Foreclosures for the first half of 2015 are down 11.3 percent from the first half of 2014 and are nearly 61 percent lower than the peak foreclosure year of 2010, according to the WRA.

“We had just under nine months of inventory in June, but these markets are tightening,” Theo said. “New listings were down 8.2 percent in June 2015 compared to June 2014, and the metropolitan counties had 6.7 months of available supply last month.”

With interest rates likely to increase in the fall, Theo encourages people to think seriously about buying a new home soon while the market remains affordable.

“Potential buyers need to get off the fence if they want to take advantage of the current low mortgage rates,” he said.

www.wra.org

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Housing sales remain strong, Ozaukee County Realtors say


CEDARBURG — Data market and sales information for Ozaukee County from Milwaukee Metro MLS shows the number of single-family, condominium and townhome properties that closed in June totaled 215, compared to 36 for June 2014, an increase of 497 percent. The total number of homes sold was only down six from the month before indicating sales are still steady.

The Ozaukee Realtors Association reported the data in a recent news release.

The average listing price of all residential properties in Ozaukee County in June also increased to $408,000 compared to $351,000 for the same month last year and up from $395,000 in May 2015. The average number of days on the market was less than 90 for several cities within Ozaukee County. Cedarburg homes sold most quickly at 67.26 days, followed by Grafton at 73.94 days, Mequon-Thiensville 53092 ZIP code at 83.81 days and Saukville at 88.55 days.

The increased speed of sales and the decline in the number of new listings points to a strong seller’s market, a news release said.

“It’s been a crazy spring/early summer cycle,” said Tracy Modjeski, 2014-15 president of Ozaukee Realtors Association. “Ozaukee County home sales have stayed strong from March through June and we hope it continues this entire summer.”

The Ozaukee Realtors Association is headquartered in Cedarburg. Its mission is to serve its members by promoting professional and ethical conduct, to foster a spirit of cooperation among its members, to provide services and programs that assist its members in the successful conduct of their business, and to help defend the rights of all people to own and transfer real property, the news release said.

-News Graphic Staff