FROM THE DESK OF RON RESTAINO
November 1st, 2018
Home Prices Have Increased Statewide By Nearly Seven Percent
Home sales in Wisconsin fell sharply in September, dropping 12 percent relative to September 2017, according to data released by the Wisconsin REALTORS Association.
A continued shortage of available properties has caused a year-to-date decline in sales of almost 3 percent compared with 2017. Home prices have increased statewide by nearly 7 percent, though the upturn in Dane County has been slightly less, with prices increasing only 3 percent over the same period.
While new construction hasn’t quite kept up with demand, a new report from the Wisconsin Policy Forum shows a jump of almost 2 percent in new construction for Dane County — a trend that will hopefully help to provide buyers with more options.
The data indicates strong economic growth in the area. Development and property values have returned to pre-recession levels, with countywide property values increasing more than 20 percent in the last decade.
Although housing in Wisconsin remains affordable by national standards, a recent rate increase by the Fed has pushed mortgage rates up by more than three quarters of a percent since September 2017. With more rate hikes expected, working with a highly qualifi ed professional from Restaino & Associates, Realtors is the best way to secure your next home in this tight market.