Traditionally, the winter months are low volume months in real estate in Wisconsin. Comparing the winter months of 2014 to the winter month of 2015, home sales are up 1.2%. The statewide median price rose to $137,900 in February, which is a 6.1% increase compared to February 2014.
It also helps that the Milwaukee housing market is hot. The Milwaukee region is forecasted to outpace the rest of the nation with a 4.9% increase in home values, according to the Clear Capital’s Home Data Index Market Report, based on data and analysis through December 2014. Homes are being sold fast — with multiple offers, sometimes even over asking price.
Low mortgage rates and modest state job growth are helping keep the homeownership dream alive for many families. Wisconsin’s unemployment rate dropped to 4.8% in February, the lowest point since the middle of 2008. The ideal time to buy is now — with imminent interest rate hikes on the horizon.
While the market is booming, Shorewest is seeing its strongest start since 2007.
“We predicted that 2015 was going to be strong, and it is already far surpassed our expectations,” said Joseph A. Horning, President of Shorewest, REALTORS®. “Many of our agents have reported that they are busier now than in the summer market.”
If you’re looking to buy or sell your home, please contact a Shorewest Professional today.
Categories: Real Estate News