Northern Home Sales Slumped in February
Northern Wisconsin’s housing market did worst in the state in February, compared to last year’s numbers.
According to the latest figures from Wisconsin Realtors Association, sales in the Northern region dropped more than 16 percent last month compared to February of last year.
Statewide sales also dropped, by about ten percent.
Economist Dave Clark says weather is to blame.
“The primary factor holding the state back has been the weather, and I think those weather extremes were even more significant when you look at the northern region. So I don’t think it’s overly surprising to anyone that the sales volume was down in the state, and even more in the northern part of the state.”
Statewide, median prices rose about seven percent in February, but prices in the North remained about steady.
Clark points out that despite comparisons to last year, prices and a decreasing inventory still indicates a relatively strong housing market in Wisconsin.
“2013 was a very strong year. So to have fallen off that high level of activity – that’s certainly not indicating that the housing market is not healthy.”
Clark also says there may be a bounce in sales in early spring, since some interested buyers may have put off their plans due to snow and winter.