Though January often is the slowest month of the year for realtors, the surge in home sales continued says a spokesperson for Wisconsin Realtors Association. The Northwoods followed the trend. The reported existing home sales rose 2.8 percent in January compared to a year ago, and the median home price increased 6.8 percent over that same period to $168,500.
Economist David Clark says in the Northwoods, sales were up more than six percent from a year ago and the median price was up five percent to $133,000.
He says buyers are finding more homes to purchase here than in more urban areas...
"...a lot of the reason is their inventories, while tight, are not as tight as they are statewide. This is a region that has a bit more inventory available to sell. That's allowed them to sell a few more homes...."
In urban areas, with lower interest rates and more demand, the number of homes for sale is proportionally lower and the prices are higher. The median price of a home in Vilas county is $230,000, up 24 percent from one year ago. In Oneida, the median is $190,000, up 36 percent from a year ago. Prices in the other area counties were also up around 10 percent.
Clark says interest rates have risen, but are still a bargain compared to other times, and have risen less than a percentage point from 6 years ago.
