A letter from Joseph A. Horning, President of Shorewest, REALTORS®
2012 was truly a rebound year for the real estate market in Wisconsin. I am proud to present that Shorewest Realtors helped over 10,700 families buy and sell their homes.
Throughout the year, the nation saw strong growth in home sales, indicating that buyers are eager to start investing in new homes, thanks in part to the affordability maintained by record-low mortgage rates. There was robust growth in home sales throughout Wisconsin, where sales of existing homes for 2012 were 20.7% above the levels of 2011. In our market footprint in Wisconsin specifically, sales were up 22.8% over 2011. Median prices also increased throughout the year, ending 2012 up 1.1% over the previous year. Since the housing bubble burst, the number of foreclosures and short sales flooding the market has caused unpredictable pricing. This year, however, the trend has reversed and prices have stabilized throughout Wisconsin.
What can we expect for the next year? Expect to see price increases, home appreciation returning to a historically healthy level of around 3% and even more buyers and sellers who are confident in the housing market’s recovery. There is pent-up demand among those who have been waiting for the housing market to bottom out, and they are now ready to buy and sell this year. The key to continued improvement in 2013 will be maintaining the inventory levels of homes for sale in Wisconsin.
Thank you for helping to make Shorewest Wisconsin’s Largest Home Seller™, a position we’ve held since 1951. We are proud to have served more families than any real estate company in Wisconsin in 2012 and we look forward to helping you 2013.