Wisconsin real estate market continues to rebound

MILWAUKEE — The real estate market in Wisconsin continued to rebound last month, as sales of existing homes rose 19.5 percent and the median sale price nudged up 2.4 percent.

The figures released by the Wisconsin Realtors Association reflect the 10th straight month of double-digit sales growth in the state, including a rise in sales volume in every region of the state, the Wisconsin State Journal reported.

There were 5,218 Wisconsin homes sold in April, compared with 4,365 in April 2011. The median price was $128,000, up from $125,000 in the same month last year.

"With 10 straight months of double-digit growth in Wisconsin home sales, I think it's safe to say we've turned the corner on sales," Association President Michael Theo said.

The positive numbers, as well as other hopeful signs, such as multiple offers on a house, have given the beleaguered industry room for optimism.

"I think people are saying, 'OK, it's finally hit bottom,' and they are starting to get off the fence," Carla Scharf-Ewert, a broker based in Fond du Lac, told the Milwaukee Journal Sentinel. "I've had a couple houses listed for two years, and they have offers now."

However, the optimism is still tempered by the fact that there's still a healthy inventory of homes on the market, along with plenty of foreclosure properties keeping prices down.

From January to April, sales are up 19.9 percent, but the median sale price in that period is still down 1.1 percent.

"We've seen some false starts in the past, so I'm a little reluctant to say we've definitely hit bottom," said David Clark, a Marquette University economics professor. "The one thing that's a little different is that this is happening against a backdrop of pretty solid increases in sales, and that's been happening for almost a year now."

The better gauge of where the residential housing market stands is sales and prices over the summer months, Clark said.

Median prices were up in the northeast, north and south central parts of the state. But other areas, including southeastern Wisconsin, were still down from 2011 levels. The median price was down 1.6 percent in that region, but it fell a full 4.4 percent in the metro Milwaukee area where most of the state's foreclosed properties are concentrated.

Source: http://www.rrstar.com/news/x358792590/Wisconsin-real-estate-market-continues-to-rebound

Real estate sales continue to climb

Existing home sales edged up statewide and locally in February, though sales prices continued to lag.

It was the eighth consecutive month of increased sales statewide, according to the Wisconsin Realtors Association. Sales were 15.6 percent higher, though the median sales price was 1.7 percent lower, year to year.

In the 14-county Northeast region, sales were 17.2 percent higher and the median price 3.2 percent higher at $115,000.

"It is very encouraging to see sustained growth in home sales," said Rob Keefe, chairman of the Wisconsin Realtors Association. "We are hopeful that the combination of moderating prices and low mortgage rates will carry this momentum into the next six months, which are prime home buying season in Wisconsin."

In Brown County, sales were 19.1 percent higher than in February 2011, but the median sales price was 3.8 percent lower at $126,000.

For the first two months of the year, sales were up 9.1 percent and the median price, $132,500, was up 1.1 percent.

"The stimulus (in 2009-2010) borrowed buyers from the coming market. Maybe now we are starting to fill the pipeline again; the natural progression and renters buying and people moving up," said Michael Held of Coldwell Banker, The Real Estate Group in Green Bay.

Unseasonably warm weather and record-low interest rates also contributed to the improvement, he said.

"This is the best market, this is the worst market," he said of the mixed conditions.

The Realtors Association reported that home sales increased in every region in the state in February, with most growing more than 10 percent. The inventory of unsold homes is down, from nearly 72,000 in July 2011 to 53,000 last month.

Realtors Association President and CEO Michael Theo said declining inventory and increasing sales should begin to positively influence prices.

"We've been waiting since 2009 to hit bottom. It's hard for me to believe here we are in March 2012 and it's still a question," said Jerry Weigel, mortgage banking sales manager for Associated Bank in Green Bay.

Weigel said mortgages are available and not as hard to get as people may have heard. Good credit is necessary — 640 is possible, 700-plus is better — but down payments of as little as 3 percent are possible.

On a year-to-date basis, Brown County had the most sales in the Northeast region at 239, compared with 219 in 2011.

Outagamie and Winnebago counties, the only others in the region with more than 100 sales, saw increases of 55.3 percent and 10.4 percent, respectively, though Winnebago experienced a 17.6 percent drop in median sales price, to $116,450.

Source: http://www.greenbaypressgazette.com/article/20120320/GPG03/203200506/Real-estate-sales-continue-climb