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Hot Wisconsin Home Sales Take Summer Dip
Date: August 9, 2000
For More Information Contact: John
Englehardt, Research Consultant
Madison
–Sales
of existing homes during the second quarter of 2000 slowed
slightly over the record second quarter of 1999, according to
the most recent report from the Wisconsin REALTORS®
Association (WRA) on the statewide home resale market.
Second
quarter sales of existing homes in Wisconsin for 2000 were
estimated to be 25,100 units sold; a decrease of 4.3% over the
1999 second quarter figure of 26,225.
Nationally, home sales over the same period were down 2.5
%, while the Midwest saw a decrease of 3.1% over 1999’s second
quarter total.
“In
general, Wisconsin homes sales continue to be strong,” says
WRA President William Berland.
“The
decrease in sales in our state is more reflective of a shortage
of homes to sell than a downturn in the housing market. The
summer of 2000 has produced plenty of potential buyers, but the
number of sellers has not been able to keep up with the demand
in many areas around the state.
“The
reality is that the sun, the moon, and the earth couldn’t
remain lined up forever,” says William Malkasian, WRA
executive vice president.“Over
the past two years, close to 200,000 homes in Wisconsin have
changed hands, which is a phenomenal number, but only so many
people can or want to go through the process of changing
residences. Further,
from an economic standpoint, many homeowners have purchased
and/or refinanced at low rates and are happy to stand pat for
now.”
Percentage
changes in multiple listing service sales for the second quarter
2000 vs. the second quarter of 1999 for selected counties around
Wisconsin include increases in Eau Claire County +5.5%,
Winnebago County +4.3%, LaCrosse County +3.6%, Milwaukee County
+3.5%, St Croix County +3.3%, Kenosha County +3.2%, Waukesha
County +3.2%, Fond
Du Lac County +2.2%, Walworth County +1.0%, Columbia County
+1.0%. Decreases in
sales were seen in Sheboygan County –4.4%, Brown County
–5.7%, Outagamie County –6.3%, Dane County –7.6%, Racine
County – 7.3%, Washington County –8.5%, Rock County –9.7%,
Ozaukee County – 9.7% and Waupaca County –23.2%.
“These
satisfied homeowners however, have created an imbalance in the
many of the local markets around the state, and while there are
some exceptions, the disadvantage leans to the side of the
buyer,” suggests Berland.
“Thus,”
adds Malkasian, “those who choose to sell or are transferred
face both good and bad news.
The good news from seller standpoint is that they will
realize a nice gain on the sale of their residence; the bad news
is that they will likely have to use those gains in the form of
higher prices.”
The
median price of an existing single-family home in Wisconsin for
the second quarter of 2000 was $119,200; a 7.9% increase over
the 1999 second quarter figure of $113,300.
Second quarter prices in the Midwest have risen 2.1% to
$121,600 in 2000, while the United States has seen an increase
in the median home price of 3.2%, to a level of $137,800.
Comparative
percentage changes in median price for the second quarter 2000
vs.1999’s second quarter by selected counties around Wisconsin
include increases: Waupaca County +14.3% to $92,500, LaCrosse
County +13.0% to $107,200, Racine County +10.0% to $110,700,
Winnebago County +9.6% to $103,600, Eau Claire County +9.3% to
$104,400, Dane County +8.2% to $148,400, Waukesha County +7.9%
to $179,300, Outagamie County +7.2% to $107,300, St. Croix
County +6.6% to $138,900, Kenosha County +6.2% to $119,500, Rock
County +5.2 to $97,700, Washington County +3.5% to $146,900,
Milwaukee County +2.9% to $102,800, Brown County +1.5% to
$116,500, Ozaukee County +1.0% to $177,500.
The median price decreased in Walworth County -0.6% to
$122,800, and Sheboygan County –2.4% to $91,400.
The
Wisconsin REALTORS®
Association is one of the largest trade associations in the
state, representing over 12,000 real estate brokers, sales
people and affiliates statewide.
Note: Sales estimates for the state are provided by the
National Association of REALTORS® which seasonally adjusts
quarterly sales figures.
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