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Residential Real Estate Market Tightens into Winter

Posted: 12.19.19

As the 2019 real estate market is coming to a close, Wisconsin is seeing a continuation of the seller’s market with new homes on the market selling quickly.
“All the data points to Wisconsin being a great place to live and raise a family. Many homes are being sold at a brisk pace, so buyers need to move quickly with their REALTOR® once they identify a new property on the market,” said RANWW Executive Vice President Brenda Barnhardt.
According to new November numbers, Eau Claire county saw median prices on single family homes drop 7.6%, with the number of sales increasing 16.5% and the average days on market dropping by 13.5%. In Chippewa County, prices were down 4.9%, and homes sales dropped 11.0% with average days on market dropping 12.1%.
According to the Wisconsin REALTORS® Association, closed sales in November were slightly below those of November 2018, falling 0.8 percent, and median prices rose 6 percent to $194,000 over that same period. On a year-to-date basis, home sales trailed the pace established in the first 11 months of 2018 by just 1.4 percent, whereas median prices increased 6.9 percent to $197,500.
Experts say the strong economy continues to fuel the existing home market. Even though home prices continue to rise at a robust pace, that was offset by improvements in income and lower mortgage rates, so affordability has actually improved. Mortgage rates are down significantly, dropping from 4.87 in November of last year to 3.7 percent last month.
“As more people continue to relocate to our area, the pool of qualified buyers increases, creating excellent opportunities for future sellers,” added Gary Brenizer, 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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