Record Sales Pace Continues For Wisconsin’s Housing Market

Wisconsin’s real estate market is still on track for a record sales year.

The Wisconsin Realtors Association reported 77,216 sales of existing homes between January and November in its November housing figures. At that pace, the state should surpass last year’s record of 81,797 sales.

Economist David Clark of Marquette University said there are fewer houses on the market compared to 2016, but demand for housing has stayed high all year. “When a house goes on the market it doesn’t stay very long, given the high level of demand,”¬†Clark said.

And that demand continues to drive up housing prices. The median price of a single-family home stood at $170,000 last month, up 5.6 percent from November 2016.

Clark said the housing supply should eventually increase, but when that will happen isn’t clear.

“At some point baby boomers are going to start selling their homes at a faster pace than they have been,” Clark said. “That’s primarily as a consequence of health and retirement-based decisions. Ultimately those properties will find their way onto the market.”

The Wisconsin Realtors Association reported last month’s sales of existing homes were up 4.2 percent compared to November 2016.