Winter Hinders Housing Market in April
Home sales compared to last year dropped for the fourth straight month in April, with the trend more dramatic in the northern part of the state.
According to the Wisconsin Realtors Association…northern home sales in April were down more than 17 percent compared to April of last year. Statewide the drop was almost 12 percent.
CEO of the Wisconsin Realtors Association Mike Theo says even though it’s getting warmer…we’re still feeling the effects of a long cold winter.
“There’s a six to eight week lagtime between an accepted offer and when a closing actually takes place. So you can see, some of the issues we had in February would affect our April housing sales.”
For the year so far…statewide sales are down nine percent, compared to 2013.
In the north, that number is higher, at 12 percent.
But Theo says with interest rates still low and inventory getting tighter, we may see any uptick in sales once spring takes effect.
“We would expect in the spring that kind of pent up demand that’s taken place…usually during the wintertime, and hopefully now that we are in spring that we’ll see those sales rebound.”
Meanwhile median prices have continued to rise. So far this year prices are up almost 3 percent compared to last year in the northern part of the state.