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2000 A Solid Year For Wisconsin Home Sales
Date: February 12, 2001
For More Information Contact: John
Englehardt, Research Consultant
Madison- Despite falling short of 1999, sales of existing single-family homes in Wisconsin for 2000 was the third highest yearly total in state history, according to the most recent report from the Wisconsin
REALTORS® Association (WRA) on the statewide home resale market.
Preliminary estimates by the National Association of REALTORS® show 94,600* existing homes were sold in Wisconsin during 2000; down 6.2% from the 1999 sales figure of 100,800 units sold. The shortfall was attributed in part to a 2000 fourth quarter that produced 7.4% fewer sales than the previous year's fourth quarter. Nationally, home sales on the year were down 1.2%, while the Midwest saw a decrease of 2.2% over 1999's yearly total.
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"A myriad of things during the fourth quarter, from weather to the uncertainties resulting from the protracted presidential election, put a damper on what was otherwise another terrific sales year," says WRA President Joan Seramur. "I would still have to classify it as a very strong year."
"Market information thus far in 2001 seems to indicate that the year-end slowdown was only temporary," says William Malkasian, WRA executive vice president. "We have every reason to be optimistic in 2001, especially since two major allies to the real estate market -lower mortgage rates and tax cuts- have resurfaced. Such policies not only put more money in people's pockets, they also improve consumer confidence. High consumer confidence has had a dramatic effect on our market the last several years and is critical if we expect to have a strong housing market in 2001."
Adds Seramur; "We felt a rebound right after the first round of Federal Reserve Board rate cuts in January. It reinvigorated many buyers. Our biggest hope right now is that enough sellers enter the market during these traditionally slower winter months to help meet the demand of buyers."
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Preliminary percentage changes in multiple listing service sales for the year-end 2000 vs. 1999 for selected counties around Wisconsin include:
| Southeast Wisconsin |
Increases in: |
Kenosha County +5.3%
Milwaukee County +0.8% |
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Decreases in: |
Ozaukee County -19.9%
Racine County -8.3%
Sheboygan County -10.7%
Walworth County -11.5%
Washington County -12.0%
Waukesha County -10.0%
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| South-central Wisconsin |
Decreases in: |
Dane County -7.4%
Rock County -0.5%
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| Northeast Wisconsin |
Increase in: |
Outagamie County +0.8% |
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Decreases in: |
Brown County -1.6%
Fond du Lac County -0.3%
Waupaca County -7.4%
Winnebago County -4.0%
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| Western Wisconsin |
Increases in |
St. Croix County +10.6% |
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Decrease in: |
Eau Claire County -3.2%
LaCrosse County -2.2%
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| Central Wisconsin |
Decreases in: |
Marathon County -3.5%
Portage County -6.6%
Wood County -4.8%
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| Northern Wisconsin |
Increase in: |
Douglas County +9.2% |
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Decreases in: |
Oneida County -3.0%
Vilas County -11.4% |
Based on MLS summary data, the estimated median price of an
existing single-family home (including condo's) in Wisconsin for
2000 was $118,400; a 5.1% increase over the 1999 figure of $112,700.
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"Rising prices indicate that demand remains strong but the number of homes for sale are limited," says Malkasian. "We have a unique situation right now where sellers can demand top dollar for their properties and thanks to lower mortgage rates buyers can afford to pay them."
Comparative percentage changes in median price for 2000 vs.1999 by selected counties around Wisconsin include:
| Southeast Wisconsin |
Increases in: |
Kenosha County +4.8% to
$116,700
Milwaukee County +4.3% to $101,600
Ozaukee County +4.3% to $182,700
Racine County +9.3% to $108,100
Sheboygan County +1.0% to $97,900
Walworth County +1.5% to $125,900
Washington County +2.7% to $148,000
Waukesha County +5.8% to $177,700
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| South-central Wisconsin |
Increases in: |
Dane County +6.2% to $149,800
Rock County +3.2% to $95,400
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| Northeast Wisconsin |
Increases in: |
Brown County +3.6% to
$116,200
Fond du Lac County +1.3% to $95,300
Outagamie County +9.3% to $110,300
Waupaca County +8.6% to $88,800
Winnebago County +8.7% to $99,700
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| Western Wisconsin |
Increases in: |
Eau Claire County +10.7% to
$105,700
LaCrosse County +9.3% to $102,100
St. Croix County 9.9% to $145,300
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| Central Wisconsin |
Increases in: |
Marathon County +10.4% to
$106,000
Portage County +2.0% to $101,100
Wood County +3.9% to $77,200
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| Northern Wisconsin |
Increases in: |
Douglas County +4.9% to
$64,300
Oneida County +16.40% to $111,300 |
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®.
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