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Another Record Year for Wisconsin Housing

Posted: 01.23.18

Annual home sales for all of 2017 were up 1.4 percent over 2016, setting an all-time record for Wisconsin’s housing market, despite December sales being slightly down, according to the Wisconsin REALTORS® Association.

“In our area, year over year homes sales were up 1.6% from 2016, including a 36.5% increase in sales in Buffalo County,” said Brenda Barnhardt, REALTORS® Association of Northwestern Wisconsin Executive Vice President. 

Other local counties saw year over year residential home sales increases as well, including a 19.1% increase in Pepin County, a 17.5% increase in Vernon County, a 8.9% increase in Chippewa County, and a 5.8% increase in Eau Claire County.

According to the WRA, statewide, the average home sold in about 80 days in December 2017, which is down from 99 days on average at the end of 2016. This can be contributed to tight inventories, creating excess demand for homes, which means homes are selling quickly.

The WRA says that looking ahead to 2018, on the demand side, millennials continuing to enter the housing market will fuel demand pressures, and the tight labor market, which keeps unemployment rates low, should increase income levels allowing more potential buyers to afford more expensive homes. A key to increasing housing supply is tied to demographics: The oldest baby boomers just turned 70, and eventually health-driven transitions will increase the supply of existing homes on the market.

“We’re excited to see what 2018 brings, and as the inventory levels continue to be tight, it’s important to work with your REALTOR® to move quickly when they find you that perfect home,” said Dan Lawler, RANWW Board President. 

The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all professional REALTORS® residing within the association jurisdiction belong to. The association provides educational opportunities for its members, is active in local, state and national advocacy efforts, engages in community outreach through charitable giving, operates its own private foundation to help homeowners in need and remains a positive force for the members they serve.

 

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