A cold winter may be putting a damper on home sales in Wisconsin. In the northern part of the state January sales were down about four percent, compared to the previous January…according to the Wisconsin Realtors Association. Statewide sales were down almost seven percent.
But Economist David Clark says the cold weather could result in a spring rebound.
“The flip side may be that if colder than normal weather is causing some people to sit on the sidelines in December, January and February, it may simply shift them into March, April and May.”
Home sales were up slightly in November for the Northern part of the state, according to the Wisconsin Realtors Association. That bucks the trend for the rest of the state, which saw an overall dip in sales for November. Marquette University economist David Clark says median price increases were also high – at over 8 percent in the north.
Home prices went up again last month, but the number of sales remained flat.
Wisconsin Realtors Association reports median sale prices are up seven and a half percent so far this year...compared to 2012. Economist David Clark says a high market inventory should keep prices from skyrocketing.
“I think those increases will moderate as we go forward. And that ought to keep housing relatively affordable.”
Homes prices in some northern counties are not quite keeping pace with the rest of the state.
The Wisconsin Realtors Association says statewide, median home prices went up almost eight percent in the first three quarters of this year. But in Forest County, prices dropped almost 40 percent.
Dave Clark, economist for the Wisconsin Realtors Association, says don’t panic. Statistics in the northern part of the state tend to be more volatile. There’s a smaller dataset and a wider mix of the types of homes that sell from year to year.