Northwoods Home Sales Off, Prices Up
The intense winter weather hurt Northwoods home sales in March, but prices continue to rise. An economist thinks it shows the housing market is recovering.
The Wisconsin Realtors Association monthly sales and price report shows a price rise of 14 percent in the Northwoods from a year ago, but sales were off about 100 units in the 18-county area from a year ago.
Economist David Clark noted the above average price rise here, but said statewide, it was just about 2 percent....
"....the medium price movement(statewide) in March was kind of a welcome sign. You don't want to see your prices going up over three times the rate of inflation. Going up at the rate of inflation is stable, sustainable price appreciation..."
But he says the winter that wouldn't end didn't fire up home buyers....
"....they just got hammered by snow and cold weather and that put a real damper on the spring housing market...."
Home sales declined about 11 percent statewide, about the same as the Northwoods. Clark is optimistic for the next quarter, saying the strongest time of the year for home sales is over the warmer months and he thinks buyers who held off during the cold months will warm with the weather.