January home sales up from 2011
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Low prices and plenty of inventory contributed to homebuyers finding good deals around the state in January.
The Wisconsin Realtors Association reported Monday that sales of existing homes across the state showed a 10.8 percent improvement when compared to the same month last year. For 2011, Wisconsin recorded 51,512 sales of existing homes, a 0.2 percent increase to the 51,392 logged in 2010.
The latest data shows 2,862 homes were sold in Wisconsin in January, up from 2,584 a year earlier.
WRA welcomed the improvement but remained cautious.
“While we wouldn’t want to draw too many conclusions from strong January sales figures, it is encouraging to see some strong growth patterns of the last three months continue into 2012,” Rob Keefe, WRA board chairman, said in a statement.
New listings dropped in January with many sellers pulling their homes off the market as selling prices have fallen in recent years. A total of 7,175 new listings were posted in January, a 16.4 percent drop from 8,587 a year ago.
Statewide, the median sale price was $119,500, a 7 percent drop from $128,508 a year ago.
WRA was encouraged by the drop in time it would take to sell the state’s inventory of existing homes. There were 51,158 homes available for sale across the state, down 10.1 percent from 56,920 a year ago.
WRA estimates the current inventory would take 11.8 months to sell, a drop from the 13.2-month projected time to sell in January 2011. In a healthy market, time to sell typically is between six and seven months.
Across Northeastern Wisconsin in January, 490 sales were recorded, up 22.8 percent from 399 a year ago. Median sale price was $113,200, down 3.6 percent from $117,400.
In Northeastern Wisconsin counties:
» Brown County recorded 100 sales, down 3.8 percent from 104 a year ago. Median sale price was $141,900, up 7.5 percent from $131,950.
» Door County had 27 sales, up 35 percent from 20 a year ago; $146,900 median sale prices, down 31.4 percent from $214,250.
» Kewaunee County reported 8 sales, up 60 percent from 5 in January 2011. Information on median prices was not available.
» Marinette County saw 32 sales, up 113.3 percent from 15 last year; $63,250 median price, down 12.2 percent from $72,000.
» Oconto County recorded 16 sales, down 23.8 percent from 21; $79,000 median price, down 7.1 percent from $85,000.
» Shawano County had 6 sales, down 66.7 percent from 18 in January 2011. Information on median prices was not available.
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