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Real Estate News

This section contains a collection of Real Estate news for Wisconsin and local areas such as Fond du Lac and Sheboygan.  The statistics allow you to track Real Estate trends in the Fond du Lac and Wisconsin markets.  

 
 

November 2015 Home Buying Trend

Home buyer demographics change slightly from year to year due to macroeconomic forces from the health of the economy to inflation to the global trade on oil prices. The National Association of REALTORS® recently released its 2015 Profile of Home Buyers and Sellers report and there are some interesting new trends emerging this year.

One of the most fascinating is that in almost every region of the United States, we saw buyers trading up and buying bigger homes than last year. According to the new report, 42 percent of all buyers traded up in the size of their home, up from 40 percent in 2014. In the 2014 report, buyers reported that they were looking for homes similar in size at 31 percent compared to 29 percent in 2015. Regionally, the percentage of buyers looking for larger homes increased across the board. 


 2015 October Home Sale Report

The Wisconsin home market continued to expand in October as both existing home sales and the median price increased relative to October of 2014. According to the most recent assessment of the housing market by the Wisconsin REALTORS® Association (WRA), home sales rose 2.4 percent while prices increased 4.7 percent over last October to a statewide median of $155,000.
https://www.wra.org/HSROCT2015/
 

 
August 2015

Home prices were up during summer across the nation in year-over-year comparisons. With the economy on full mend, Federal Reserve Chair Janet Yellen has predicted a fine-tuning of monetary policy before the year ends. In tandem with the improved economy, the unemployment rate for July 2015 remained at 5.3 percent for the second month in a row. It is widely believed that interest rates will go up before the year is over. Generally, this does not happen without careful consideration for the impact such a move will have on residential real estate.

New Listings in the Fond du Lac region decreased 2.3 percent to 2,141. Pending
Sales were down 23.5 percent to 1,122. Inventory levels fell 7.5 percent to 7,753
units.
Prices continued to gain traction. The Median Sales Price increased 2.1 percent
to $195,950. Days on Market was down 14.3 percent to 66 days. Sellers were
encouraged as Months Supply of Inventory was down 12.7 percent to 5.5
months.
Statistics released by the U.S. Census Bureau and the Department of Housing
and Urban Development indicate that privately-owned housing starts in July
2015 rose 10.1 percent compared to last year to the highest level the market
has seen since October 2007. This bodes well for the eventual landing of a flock
of potential buyers currently holding in a rental pattern. As ideal summer
weather diverges toward autumn, we will begin to see some seasonal
relaxation, but the market should still look positive when compared to last year.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: Metro MLS Market Updates or visit www.metromls.com

Date: August 17, 2015

MADISON, Wis. — The hot Wisconsin housing market showed continued strength in July with both existing home sales and median prices higher than the levels in July last year, according to the most recent analysis of residential housing conducted by the Wisconsin REALTORS® Association (WRA). Existing home sales increased 16.9 percent in July 2015 relative to July 2014, and median prices rose 3.8 percent to $163,999 during that same time frame.

“Summer is obviously our peak sales period, and it’s encouraging to see a continuation of the strong sales that began in the spring,” said Dan Kruse, WRA board chairman. “This is the strongest spring and early summer sales volume we’ve seen since before the recession,” said Kruse. Home sales have been up by double-digit margins compared to last year in all but one month since March this year, which made this the best start to the year since 2005. The period between March and August account for about 59 percent of annual sales in a typical year. “We’re definitely on pace for a very strong 2015 if sales continue to grow at this pace,” said Kruse.

Every region of the state was up in July, with the strongest growth seen in the Northeast region where sales grew 30.3 percent compared to July 2014 as well as the South Central region where sales were up 21.8 percent over that same period. Other strong regions were the West, up 14.6 percent; the North, up 2.5 percent; and the Southeast, up 11.9 percent. Modest growth was also recorded in the Central region, which was up 5.8 percent.  
 
 July 15, 2015
The curtain closes and the first half of 2015 is a finished act. Monthly market
analysis helps nudge the real estate story forward for a final bow. The orchestra
(consumers) and conductor (the REALTOR®) are thanked. Metropolitan markets across the country continue to improve and further perform at
peaks not seen in years. Bad memories from that one lousy show known as the
Great Recession are pushed even further into the past.

New Listings in the Fond du Lac region decreased 5.1 percent to 2,657. Pending
Sales were down 21.9 percent to 1,396. Inventory levels fell 2.7 percent to 8,210
units.

Prices continued to gain traction. The Median Sales Price increased 11.2
percent to $209,000. Days on Market was down 6.0 percent to 70 days. Sellers
were encouraged as Months Supply of Inventory was down 6.3 percent to 6.0
months.



Date: June 22, 2015

MADISON, WI – The Wisconsin housing market continued to expand in May according to the most recent analysis of home sales released by the Wisconsin REALTORS® Association (WRA). Statewide existing home sales increased 7.8 percent between May 2014 and May 2015. This is the strongest five month start to the year since 2007 before the Great Recession began and it is the strongest sales for the month of May since 2006. The solid sales have also continued to fuel prices. Median prices increased 6.7 percent to $160,000 over the same period.

“This is an impressive market with May sales the strongest in 9 years,” said Dan Kruse, the Chairman of the WRA Board of Directors. He noted that sales in every region of the state were in positive territory in May as well as on a year-to-date basis. The North region was up by the largest margin, growing 16.1 percent in May 2015 relative to May 2014. Also increasing by double-digits over that period was the Central region, which grew 11.5 percent. “The solid growth in both the Central and North regions suggests a very healthy second home market,” said Kruse. The South Central, Southeast and West regions all increased between 7.8 percent and 8.4 percent over the period, whereas the Northeast region increased by a modest 1.6 percent. Even though the Northeast region grew by the smallest margin in May, it’s still the strongest May growth seen in that region since before the recession.

The robustness of this market is also seen in the sustained pattern of price growth, now in its fourth year. Median prices grew well above the rate of inflation in May, with the median price up 6.7 percent to $160,000. Comparing May 2015 with May 2011, prices have grown at a compounded rate of 4.1 percent which is 3.1 times the comparable inflation rate over that same period. Inflation derived from the Consumer Price Index between May 2011 and May 2015 averaged 1.3 percent per year. “While we usually don’t like to see housing appreciating at three times the rate of inflation, it’s important to remember that we’ve been in a very low inflationary period since the recession,” said WRA President and CEO, Michael Theo. In contrast, the inflation rate over the past 30 years has averaged 2.6 percent. “Home price growth in the 4 percent range is sustainable when compared to longer term trends in inflation,” he said.

Housing affordability remains high in the state. The Wisconsin Housing Affordability Index shows the percent of the median priced home that a buyer with median family income can afford to buy with 20 percent down and the remainder financed at current market rates on a 30 year fixed mortgage. The index stood at 226 in May, which is virtually unchanged from May of last year. Although median prices are up, this is offset somewhat by modest improvements in median family income, and mortgage rates which were 3.84 percent in May, about a third of a percent lower than this time last year.

“Our housing is affordable, there is ample supply, and long term it’s a great way to accumulate household wealth,” said Theo. Statewide, there are 9 months of available inventory, although metropolitan counties have just 6.9 months compared to the 14.4 months of available supply in non-metropolitan counties. “Our statewide inventory is in good shape but it’s been shrinking for some time which has put upward pressure on prices,” he said. He noted that once the Fed starts raising short term rates, this will likely lead to higher mortgage rates. “Summer is always the preferred season to make a move, but given tightening inventories and an impending Fed rate increase, this is an ideal time to buy from an investment perspective,” said Theo. Using an experienced REALTOR® is still the best way to identify the best value in this tightening market.

About the WRA
The Wisconsin REALTORS® Association is one of the largest trade associations in the state, representing over 13,500 real estate brokers, sales people and affiliates statewide. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS® Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the quarter. All data collected by Wisconsin REALTORS® Association are subject to revision if more complete data become available. Beginning in 2010, all historical sales volume and median price data at the county level have been re-benchmarked using the Techmark system which accesses MLS data directly and in real time. The Wisconsin Housing Affordability Index is updated monthly with the most recent data on median housing prices, mortgage rates, and estimated median family income data for Wisconsin. Data on state foreclosure activity is compiled by Dr. Russ Kashian at the University of Wisconsin–Whitewater.
 
https://www.wra.org/hsrMAY2015/ 

 

REALTORS: April Housing Sales Up 13.4%

Market Highlights

  • April was another solid month
  • Highest level of April sales since 2006
  • New listings up, a little

May 12, 2015 - Home sales were up in the Metropolitan Fond du Lac market 13.4% for April. 1,610 homes sold in April compared to 1,420 in April of 2014. Comparing the numbers to 2013, sales were up 2.2% (1,576 in '13).

April was the second month of solid sales this year. Buyers are very active and quality homes, in excellent condition, are sometimes receiving multiple offers.


Similar to March's eye-popping 25.6% increase in sales, April's large increase over the previous year is partly due to market dynamics in the spring of 2014. At that time, distressed sales had left the market and were replaced by a healthy 'traditional' (first-time/move-up/empty-nest) market.


The transition from 2013's high volume, value market, to 2014's "normal" one, meant fewer sales initially. The normal market picking up speed is what we're experiencing today.


 

April 2015

As we turn the page to the second quarter of 2015, a proliferation of new
listings is expected in most markets across the U.S. Spring is traditionally the
commonplace time of the year that we see some of the most desirable gems
polished for eager buyers. Though some Google searches and Twitter posts will
blatantly offer pessimism about the state of the housing market, on-the-street
evidence does not support bad tidings.

New Listings in the Fond du Lac region decreased 2.0 percent to 2,759. Pending
Sales were down 33.4 percent to 1,111. Inventory levels rose 3.3 percent to
7,849 units.

Prices continued to gain traction. The Median Sales Price increased 15.4
percent to $187,000. Days on Market was down 8.1 percent to 80 days. Buyers
felt empowered as Months Supply of Inventory was up 2.6 percent to 5.9
months.

The national homeownership percentage is the lowest since 1993, when
Jurassic Park was the highest-grossing movie. Rental prices continue to
astonish with accelerated price growth, which may cause some to think twice
before locking in a 12-month lease. Lending practices and mortgage rates will
also have a decided effect on the number of buyers who will become
homeowners this year. With the release of Jurassic World this month, we are
reminded of cyclical conversations in both real estate and moviemaking.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: Metro MLS Market Updates or visit www.metromls.com

 

 April 14, 2015

All expectations in 2015 are for a healthy and energetic selling season. National
stories have been highlighting an increase in new construction sales and
pending sales, but national stories are not always readily applied to the local
scene. All the same, if ever there was a year to list or purchase a home, wider
economic factors seem to indicate that this is the one.


New Listings in the Fond du Lac region increased 8.4 percent to 2,621. Pending
Sales were down 16.7 percent to 1,101. Inventory levels rose 3.5 percent to
7,233 units.

Prices continued to gain traction. The Median Sales Price increased 7.2 percent
to $175,000. Days on Market was down 3.9 percent to 94 days. Buyers felt
empowered as Months Supply of Inventory was up 2.7 percent to 5.4 months.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: Metro MLS Market Updates or visit www.metromls.com. 
 
Date: March 23, 2015

MADISON, Wis. — The Wisconsin housing market showed signs of modest improvement in existing home sales in February even as median prices continued to grow at a robust pace, according to an analysis of the statewide housing market by the Wisconsin REALTORS® Association (WRA). Home sales in February 2015 grew 1.8 percent compared to February 2014, and median prices increased 6.1 percent to $137,900 over that same period.

“We know the months between December and February are traditionally low-volume months for home sales in Wisconsin, so it’s good to see some improvement over last year,” said Dan Kruse, WRA board chairman. Comparing December 2014 through February 2015 with that same period in the previous year, winter sales are up about 1.2 percent. “While the state is moving in the right direction, it’s important to remember that sales last year were hampered by very cold temperatures, and so this is really only a slight improvement,” said Kruse. “We’re hoping to see a bounce in sales moving into the spring and summer — the two seasons where we sell the most homes,” he said. In a typical year, the three winter months only account for 16.9 percent of annual home sales. This is in contrast to 27.1 percent of annual sales that usually occur between March and May, and 32 percent that occur between June and August.

The statewide median price rose to $137,900 in February, which is a 6.1 percent increase compared to February 2014. This is the second straight month of median price appreciation in excess of 6 percent. “In fact, home prices have consistently risen over the last three years,” said WRA President and CEO Michael Theo, noting median prices have been rising on an annual basis for 35 of the last 36 months. Since February 2012, prices have risen 20 percent. This three-year price appreciation is due in part to shrinking inventories. In February 2015, 7.5 months of inventory were available statewide, which is considered a balanced market. In contrast, three years ago, a 12.1-month supply was available, so inventories have fallen substantially. There is also a significant difference between rural counties, which currently have 11.7 months of supply, compared to urban counties, where inventory levels are down to 5.9 months.

“While these conditions have made housing slightly less affordable, Wisconsin housing remains a good value,” Theo said. The Wisconsin Housing Affordability Index shows the percent of the median-priced home that a household with a median family income can afford to buy, assuming a 20 percent down payment with the remainder financed using a 30-year fixed mortgage at current rates. Although the Wisconsin index stood at 289 three years ago in February 2012, it is still relatively high at 251. “This means that creditworthy buyers with typical income levels can still afford to buy about two and a half times the median-priced home in Wisconsin,” said Theo. Low mortgage rates, as well as modest state job growth that has helped to grow income levels, keep the dream of homeownership attainable for middle class families.

The most recent state jobs report shows Wisconsin’s unemployment rate dropping to 4.8 percent in February, the lowest point since the middle of 2008. With the national economy showing continued growth, the Fed has recently signaled its intention to raise interest rates to keep the economy from overheating. “With interest rate hikes on the horizon and relatively tight inventory levels, especially in urban counties, this is really an ideal time to get into housing while it is still affordable,” said Theo. He encouraged buyers to move quickly if rates start increasing. “Using an experienced REALTOR® is one of the best ways to take advantage of the opportunities that still exist in this market,” he said.

About the WRA
The Wisconsin REALTORS® Association is one of the largest trade associations in the state, representing over 13,500 real estate brokers, sales people and affiliates statewide. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS® Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the quarter. All data collected by Wisconsin REALTORS® Association are subject to revision if more complete data become available. Beginning in 2010, all historical sales volume and median price data at the county level have been re-benchmarked using the Techmark system which accesses MLS data directly and in real time. The Wisconsin Housing Affordability Index is updated monthly with the most recent data on median housing prices, mortgage rates, and estimated median family income data for Wisconsin. Data on state foreclosure activity is compiled by Dr. Russ Kashian at the University of Wisconsin–Whitewater.
 
 

 

December Home Sales Up 6.6%

2014 down 2.5%*

Market Highlights

  • December Was Strongest Month of '14
  • First "Normal" Year In A Long Time
  • Prices Up In All Counties

January 14, 2015 - Home sales were up in December 6.6% in the Metropolitan Fond du Lac market for the fourth consecutive month. 1,252 homes sold in December compared to 1,174 in December of 2013. Comparing the numbers to 2012, sales were stronger yet, up 11.1%

(1,127 in '12).

It was also the strongest December we have seen since 2005, when 1,311 units sold.

Date: January 19, 2015

MADISON, Wis. – The housing market ended 2014 on a strong note with both existing home sales and median prices higher in December, according to the most recent analysis of the state’s housing market by the Wisconsin REALTORS® Association (WRA). Home sales in December rose by 2.1 percent compared to December 2013, and median prices rose 4.3 percent to $145,000 over that same time frame. For the year, home sales in 2014 were slightly below a very strong 2013 market, down just 1.5 percent; but prices were higher in 2014, up 3.1 percent to an annual statewide median of $148,000.
See and download all the stats for 2014: https://www.wra.org/HSRDEC2014/


July Market Reports
 

Fond du Lac

It won't be long before the housing recovery is simply referred to as housing. Institutional and cash buyers have effectively priced themselves out of the market. During the downturn, much inventory was purchased by these groups. Now that prices are rising, there's less incentive for these kinds of buyers, yet affordability for consumers remains attractive.

New Listings in the Fond du Lac region increased 17.7 percent to 2,362. Pending Sales were down 17.6 percent to 1,187. Inventory levels shrank 8.6 percent to 8,515 units.

Prices got a lift. The Median Sales Price increased 7.4 percent to $184,750. Days on Market was down 24.1 percent to 77 days. Absorption rates improved as Months Supply of Inventory was down 16.6 percent to 6.6 months.

With mortgage rates slightly up but relatively low by historic standards, the Fed has indicated no change in monetary policy based on a moderately-paced economic expansion. Although the unemployment rate remains a factor to watch, the housing recovery continues to plug along, helping the greater economy with flourishing activity in sales and prices. Housing has made a positive contribution to real GDP growth for 11 consecutive quarters.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: http://www.metromls.com/node/33 or visit http://www.metromls.com/.

August 13, 2013

Date: July 22, 2013

MADISON, Wis. – Wisconsin home sales rose an impressive 11.4 percent in the first six months of 2013 compared to last year, according to recent statistics compiled by the Wisconsin REALTORS® Association (WRA). In June alone, Wisconsin home sales were up 3.1 percent relative to last June, posting the 24th straight month of positive sales growth in the state. Median prices also continued to increase year-to-date, rising 7.7 percent to $140,000 compared to the first half of 2012. In June, prices were up 12.3 percent to $159,500 compared to June 2012.

Link to read the full story:
https://www.wra.org/HSRJune2013/

June Home Sales Up 7.8%, Up 10.9% Through 2nd Quarter

Home sales in the Metropolitan Fond du Lac market were up 7.8% in June, compared to a year earlier. Through the 2nd quarter the market had a 10.9% increase in sales versus 2012.

There were a total of 1,925 homes sold in June, compared to 1,785 in June of 2012. For the first 6-months of the year, there were 8,839 sales vs. 7,968 during the same span in 2012.

While the June and 2nd quarter sales figures are universally positive and show a robust market, an analysis of the 2nd quarter of 2011 compared to 2013 shows how far the real estate market has come since climbing out of the depths of the Great Recession.

Throughout the first half of the year the market has been saddled with low levels of inventory. In June it appeared that sellers were getting the message that prices had stabilized and they were willing to dip their toes into the sales pool and list their homes at a rate of 12.2% ahead of 2012. The 3-months in the 2nd quarter finished 8.6% ahead of the same time in 2012.

For the first 6-months of the year, however, the market saw a 2.7% drop in listings because of a double-digit decrease in homes for sale in the 1st quarter and small, single-digit increases in April and May.

With total metro area listings in June of 11,507, the market’s inventory level was 8.19-months, up slightly from May’s 8.03 level. A year ago, the inventory level was at 11.88-months. If the 1,976 listings with an active offer are subtracted, the inventory level drops to 5.53-months.

Fond du Lac County saw price increases in 14 of its 19 communities through the 2nd quarter. The City of Fond du Lac saw prices rise from $85,282 a year ago to $96,457 in 2013, an 13.1% increase. The 4 communities that did not see price increases did see increased unit sales.

Seven of the 27 communities in Waukesha County saw prices decrease through the first six-months of the year. Prices in the City of Waukesha rose 10.3% to $196,826, on 492 sales. New Berlin only saw a slight 0.1% increase in its average sale price, Cedar Grove was slightly better at 1.8%, whereas Sheboygan had a 7.0% increase in prices.

Washington County had a mixture of positive and negative sales price changes through the 2nd quarter, culminating in a county-wide 1.7% price increase. Of the 15 communities in the county, 7 had price declines. Two of the county’s largest communities, West Bend and Plymouth, saw average prices fall in the 1st quarter, but both gained 2.6% and 4.9%, respectively, by the end of the 2nd quarter.

In Ozaukee County, 6 of 10 communities saw prices increase and the county overall had a 1.7% price increase. The City of Mequon continued the success it saw in the first quarter with an average sale price of $435,575, up from $350,459 a year ago.

While price increases have not become as widespread as increases in sales volume, the length of time it has taken to sell a home has shortened considerably.

The cumulative level of sales through the 2nd quarter reached a point not seen since early in the last decade.

Click here for more details.

Click here for monthly stats.


May Home Sales Up 14.7%

May home sales in the Metropolitan Fond du Lac market increased 14.7% compared to May 2012.

The increase in sales was driven by buyers who have been very active in the market for months gobbling up properties, but also by sellers who were largely sitting on the sidelines, until May.

In the 4 County area there were a total of 1,838 homes sold in May, compared to 1,602 in the same month in 2012.

May Sales

County2012 Sales2013 Sales% Change
Fond du Lac87598512.6%
Waukesha4935429.9%
Washington13418840.3%
Ozaukee10012323.0%
4 County Area1,6021,83814.7%


While May prices were still down from their 2007 peak they were no longer being discounted. It was not uncommon to see multiple offers on a property pushing prices above the asking price.

The traditional spring selling season and higher prices that listings were commanding caused the influx of new listings, up 9.5% in May (2,684 in 2012 vs. 2,938 in 2013). Inventory levels for the first four months of 2013 were in the 7 month range for the entire metropolitan market, but the additional listings in May moved the inventory level to 8.03 months.

If the 2,220 listings with an active offer are subtracted from the 12,669 current listings, as of 6/10/2013, the inventory level drops to 7.5 months, indicating that the real estate market is very healthy.

The switch from a buyers’ market to a balanced/sellers’ market happened with lightning speed, thanks to the absorption of existing inventory and a slow response by sellers to list until May.

June marks the end of the 2nd quarter of 2013 and brokers expect average sales prices to show an increase in every county in the metropolitan area when housing statistics are released in July.
 
 

  Date: July 22, 2013

MADISON, Wis. – Wisconsin home sales rose an impressive 11.4 percent in the first six months of 2013 compared to last year, according to recent statistics compiled by the Wisconsin REALTORS® Association (WRA). In June alone, Wisconsin home sales were up 3.1 percent relative to last June, posting the 24th straight month of positive sales growth in the state. Median prices also continued to increase year-to-date, rising 7.7 percent to $140,000 compared to the first half of 2012. In June, prices were up 12.3 percent to $159,500 compared to June 2012.

 Link to read the full story:
https://www.wra.org/HSRJune2013/
 
 
 
June Home Sales Up 7.8%, Up 10.9% Through 2nd Quarter

Home sales in the Metropolitan Fond du Lac market were up 7.8% in June, compared to a year earlier. Through the 2nd quarter the market had a 10.9% increase in sales versus 2012.

There were a total of 1,925 homes sold in June, compared to 1,785 in June of 2012. For the first 6-months of the year, there were 8,839 sales vs. 7,968 during the same span in 2012.

While the June and 2nd quarter sales figures are universally positive and show a robust market, an analysis of the 2nd quarter of 2011 compared to 2013 shows how far the real estate market has come since climbing out of the depths of the Great Recession.

Throughout the first half of the year the market has been saddled with low levels of inventory. In June it appeared that sellers were getting the message that prices had stabilized and they were willing to dip their toes into the sales pool and list their homes at a rate of 12.2% ahead of 2012. The 3-months in the 2nd quarter finished 8.6% ahead of the same time in 2012.

For the first 6-months of the year, however, the market saw a 2.7% drop in listings because of a double-digit decrease in homes for sale in the 1st quarter and small, single-digit increases in April and May.

With total metro area listings in June of 11,507, the market’s inventory level was 8.19-months, up slightly from May’s 8.03 level. A year ago, the inventory level was at 11.88-months. If the 1,976 listings with an active offer are subtracted, the inventory level drops to 5.53-months. 

Fond du Lac County saw price increases in 14 of its 19 communities through the 2nd quarter. The City of Fond du Lac saw prices rise from $85,282 a year ago to $96,457 in 2013, an 13.1% increase. The 4 communities that did not see price increases did see increased unit sales.

Seven of the 27 communities in Waukesha County saw prices decrease through the first six-months of the year. Prices in the City of Waukesha rose 10.3% to $196,826, on 492 sales. New Berlin only saw a slight 0.1% increase in its average sale price, Cedar Grove was slightly better at 1.8%, whereas Sheboygan had a 7.0% increase in prices.

Washington County had a mixture of positive and negative sales price changes through the 2nd quarter, culminating in a county-wide 1.7% price increase. Of the 15 communities in the county, 7 had price declines. Two of the county’s largest communities, West Bend and Plymouth, saw average prices fall in the 1st quarter, but both gained 2.6% and 4.9%, respectively, by the end of the 2nd quarter.

In Ozaukee County, 6 of 10 communities saw prices increase and the county overall had a 1.7% price increase. The City of Mequon continued the success it saw in the first quarter with an average sale price of $435,575, up from $350,459 a year ago.

While price increases have not become as widespread as increases in sales volume, the length of time it has taken to sell a home has shortened considerably.

The cumulative level of sales through the 2nd quarter reached a point not seen since early in the last decade.

Click here for more details.

Click here for monthly stats.

 

 
May Home Sales Up 14.7%

May home sales in the Metropolitan Fond du Lac market increased 14.7% compared to May 2012.

The increase in sales was driven by buyers who have been very active in the market for months gobbling up properties, but also by sellers who were largely sitting on the sidelines, until May.

In the 4 County area there were a total of 1,838 homes sold in May, compared to 1,602 in the same month in 2012.

May Sales

County2012 Sales2013 Sales% Change
Fond du Lac87598512.6%
Waukesha4935429.9%
Washington13418840.3%
Ozaukee10012323.0%
4 County Area1,6021,83814.7%


While May prices were still down from their 2007 peak they were no longer being discounted. It was not uncommon to see multiple offers on a property pushing prices above the asking price.

The traditional spring selling season and higher prices that listings were commanding caused the influx of new listings, up 9.5% in May (2,684 in 2012 vs. 2,938 in 2013). Inventory levels for the first four months of 2013 were in the 7 month range for the entire metropolitan market, but the additional listings in May moved the inventory level to 8.03 months.

If the 2,220 listings with an active offer are subtracted from the 12,669 current listings, as of 6/10/2013, the inventory level drops to 7.5 months, indicating that the real estate market is very healthy.

The switch from a buyers’ market to a balanced/sellers’ market happened with lightning speed, thanks to the absorption of existing inventory and a slow response by sellers to list until May.

June marks the end of the 2nd quarter of 2013 and brokers expect average sales prices to show an increase in every county in the metropolitan area when housing statistics are released in July.
 

 
April Home Sales Up 2.3%

April home sales in the Metropolitan Fond du Lac market were up 2.3% compared to a year earlier.

The fact the increase in sales was “only” 2.3%, compared to the large double-digit increases the marketplace saw in past months may be a sign that the market is normalizing and expanding at a sustainable rate.

There were a total of 1,576 homes sold in April, compared to 1,541 in April of 2012. Click here for details.

Twenty of the last 21-months saw double-digit increases in sales as buyers took advantage of huge price discounts, historically low interest rates and an improving economy. Interest rates are still very low and the economy is still progressing, but home prices are no longer being widely discounted – in fact, multiple offers are pushing some prices above the asking price.

Fond du Lac County saw a decrease in the percentage of sales, due to a decrease in distressed sales volume, but the county’s 869 sales is a solid level and the market is healthy.

Washington County saw a huge increase in sales, and may be a sign of a new business model in the market. Brokers are reporting that investors are buying suburban homes to rent out for a period of time and plan to re-sell them when prices get back to pre-recession levels.

It took several years for sellers to get over the fact that the market had turned on them during the recession. However, the switch from a buyers’ market to a balanced/sellers’ market happened much faster, thanks to a decline in inventory.

During most of 2012, inventory hovered around 12-months, but beginning last December the levels dropped precipitously to 7.8-months this April. The number of homes newly listed for sale actually increased in April by 4.5% (2,827 vs. 2,705), only the 11th month that listings have increased since July of 2007 (the month the subprime bubble burst and the real estate recession began). 

If the 2,112 listings with an active offer are subtracted from the 9,244 current listings (as of 5/10/13), the inventory level drops further, to 5.2 months. 

Last month, the end of the 1st quarter, prices increased in many communities and in 3 of the 4 metropolitan counties. The law of supply and demand seems to be taking hold as brokers are reporting more upward price pressure on listings that receive multiple offers.

 

Date: April 12, 2013

Fond du Lac

With spring here in all its bounty, it's time to renew, refresh and revive our understanding of what's fueling the ongoing market recovery. First, tightened inventory levels combined with strong demand are fueling price gains in many areas. Second, consumer demand is shifting from distressed properties to conventional homes. Third, record-low mortgage rates and rising rents are supporting housing recovery. Let's check the local scene.

New Listings in the Fond du Lac region decreased 13.9 percent to 2,248. Pending Sales were down 30.3 percent to 1,020. Inventory levels shrank 19.9 percent to 7,507 units.

Prices moved higher. The Median Sales Price increased 9.3 percent to $165,000. Days on Market was down 10.1 percent to 106 days. Absorption rates improved as Months Supply of Inventory was down 30.6 percent to 6.1 months.

On the economic front, things inched forward. We saw a minor but important upward revision to Q4-2012 GDP growth that put us back in positive territory. In the political arena, key debates over the deficit, marriage, gun law, immigration reform and tax policy rage onward. The squeaky wheel gets the grease, and with this emerging housing recovery, there are no imminent housing-related bills. Perhaps that's a good thing.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: http://www.metromls.com/support/Market_Updates/index.html or visit www.metromls.com
 

 
 Date: March 18, 2013

 MADISON, WI – February marked the 20th straight month of double-digit growth in sales of existing homes in Wisconsin, with sales up 11.7 percent compared to February 2012. Median home prices also grew to $122,000 in February, which represents a solid 6.1 percent rate of growth compared to February last year, according to statistics released by the Wisconsin REALTORS®Association (WRA).

“There are strong seasonal patterns in Wisconsin home sales, and the vast majority of homes sell between April and September, but we’ve had a very good housing market over the past winter,” said Renny Diedrich, Chairman of the WRA board of directors. Specifically, comparing the most recent December, January and February sales figures to those same months a year earlier, home sales increased 14.5 percent. “The housing market has been on a strong growth path since the summer of 2011, and while the growth rate has moderated slightly, this is a very good trend moving into the spring selling season,” Diedrich said. 


 
Home Sales Up 16.4% in February

March 12, 2013 – The 4-county Metropolitan Fond du Lac housing market continued plowing through the winter in February, posting a 16.4% increase in sales over February 2012. There were 960 sales in February, the most for that month since 2007 (1,033), just before the Great Recession began; and marking the 20th month in a row of increased home sales.

Click here to view the graph showing actual sales over the last 20 months. Note the higher level of sales in January and February 2013 compared to the same months in 2012, indicating a much stronger beginning to 2013.

While the continued housing recovery is certainly welcome news, and hopes are that the trajectory of sales depicted in the graph above for 2012 follows into 2013, there is concern over the very low levels of inventory in the market.

The market had 7.08 months of inventory in February (calculated by the number of active listings divided by the average monthly sales over the previous 12 months), which is well below the 11.63 months in February 2012. Only 1,952 homes were listed in February 2013, down 18.3% from a year earlier.

REALTORS® are listing homes to be sure, just not at the rate the market indicates it needs to satisfy current demand. Confusion and skepticism among potential sellers over what price their home might sell for seems to be the main culprit in their hesitation to list.

Sellers will undoubtedly not fetch prices from the peak of the market, however, prices have stabilized in most communities. And, due to the low levels of inventory the length of time a house is on the market has shrunk significantly.

The law of supply and demand would seem to dictate prices should increase soon. With a low supply of homes, stable or increasing demand, historically low interest rates, and positive external factors such as consumer confidence and employment, prices should be pushed upward as buyers outbid one another for a listing.

However, the overall economy is not blazing any trails, job creation is tepid, mortgage applications are detailed and time consuming, and multiple offers are bidding up to a property’s asking price and often including seller concessions. In short, the market is still working through a few challenges that may be holding overall growth back.

While the market is strengthening, it is still too early in the year to say with any confidence that the Fond du Lac market will see universal price increases this year. It is still a buyers’ market, but just slightly.

 

 March 11, 2013
 
 Fond du Lac

The sun is shining brighter for longer, the birds are chirping a bit louder and people have a renewed spring in their step. And then there's the climate. Home buyers and sellers are readying themselves for an exciting spring market. Buyers are motivated by an attractive affordability environment, while more and more sellers are receiving near top dollar for their home. We've come a long way over the past 12 to 18 months but we're not there yet. Here's how February stacked up.

New Listings in the Fond du Lac region decreased 17.2 percent to 1,769. Pending Sales were down 18.3 percent to 873. Inventory levels shrank 20.5 percent to 7,156 units.

Prices reached for the clouds. The Median Sales Price increased 7.9 percent to $150,000. Days on Market was down 7.7 percent to 108 days. Absorption rates improved as Months Supply of Inventory was down 33.8 percent to 5.7 months.

A few consumers may feel less confident due to Washington's latest self-inflicted crisis. Others would advise not to read the news in the first place. The fact is, the economy continues to grow, but at a snail's pace. Sequestration is more of a nuisance than a real threat to recovery; and there's significant pent–up demand from renters, first-timers, parents' basementers and investors to counteract it.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: http://www.metromls.com/node/33 or visit http://www.metromls.com/.

 
 

February 18, 2013

 MADISON, WI – Although January is typically a slow month for home sales in Wisconsin, the 19-month trend of double-digit growth continued last month as existing homes sales grew 18.3 percent compared to January 2012. In addition, median home prices also increased 3.4 percent to $123,000 over that same period.

“The month of January is typically the low-water mark in terms of Wisconsin home sales volume,” said Renny Diedrich, Chairman of the WRA Board of Directors. She noted that January usually accounts for just under 5 percent of the annual sales of existing homes in the state. “To see existing home sales continue the strong pace established in 2012 bodes well for the spring when the market heats up,” said Diedrich. 

All regions in the state were up in January. The strongest growth was seen in the North and Central regions, where sales grew at 31.6 and 28.2 percent respectively, as well as the West region, which was up 22.5 percent. “It’s interesting that the fastest-growing regions are areas with strong vacation home markets since these markets were especially hard hit during the recession,” said Diedrich. Also strong were the Southeast and South Central regions, where sales were up slightly less than 18 percent, and the Northeast region, which grew at a solid pace of 9.2 percent over the period.

“We have seen fairly consistent upward movements in median prices since last spring, and that trend continues as we move into 2013,” said WRA President and CEO, Michael Theo. Median prices rose just over 1 percent for all of 2012, and the median price appreciation over the last two months has been well above that pace. In fact, median prices have grown in 10 of the last 11 months, relative to the same month in the previous year. This trend is not surprising given that the state has seen a steady reduction in unsold inventory; 45,000 single-family units are available statewide, which represents 8.5 months of inventory. “We do think that inventories will stabilize in the six- to seven-month range as new home construction begins to pick up,” said Theo. The U.S. Bureau of the Census shows that Wisconsin single-family housing starts for 2012 increased 16 percent over the 2011 level.

“The good news is that even with minimal growth in family income over the past year, affordability remains high due primarily to very low mortgage rates,” said Theo. The Wisconsin Housing Affordability Index measures the percentage of a median-priced home that a buyer with the median family income can afford at current mortgage rates. The index jumped to 291 in January 2013 compared to a modified 269 in January 2012. With declining inventories putting modest upward pressure on prices, affordability will likely fall this year even if the Fed maintains mortgage rates in the range of 3.5 percent to 4 percent during 2013. Moreover, the state economy is showing some signs of improvement, with the seasonally adjusted unemployment rate holding steady at 6.6 percent during the last two months of 2012. This is well below the national rate that inched up to 7.9 percent in January. “The bottom line is that this is an excellent time to have an experienced REALTOR® help you find the best values in this tightening housing market,” said Theo. 

About the WRA
The Wisconsin REALTORS® Association is one of the largest trade associations in the state, representing over 11,500 real estate brokers, sales people and affiliates statewide. Sales estimates for the state are provided by the National Association of REALTORS®, which seasonally adjusts quarterly sales figures. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS® Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the quarter. All data collected by Wisconsin REALTORS® Association are subject to revision if more complete data become available. Beginning in 2010, all historical sales volume and median price data at the county level have been re-benchmarked using the Techmark system which accesses MLS data directly and in real time.
 
 

Home Sales Up 15% in January

The 4-county Metropolitan Fond du Lac housing market started 2013 in the same fashion it ended 2012, increasing sales over the previous year. Sales in January were 15% above January of 2012.

January marked the 19th month in a row that home sales increased over the previous year. The 874 January sales were the most for that month since 2007 (971), before the Great Recession began.

While there is a substantial amount of relief in the continued success of the housing recovery, there is also concern over the paltry level of inventory the market is carrying as we approach the spring selling season. 

The market has 11.0-months of inventory (calculated by the number of active listings divided by the previous month’s sales), which is well below the 15.4-months from January 2012. To put that in perspective, over the last 6-years the number of months of inventory was usually in the upper teens or low 20s in January.

Only 1,889 homes were listed in January 2013, down 13.7% from a year earlier. January’s listings were the fewest the market has had in that month since 2000, when 1,784 homes were listed.

A major reason for the lackluster level of listings is sellers’ fear of not getting a good price for their home. Certainly, sellers will probably not fetch prices from the peak of the market, however, prices are starting to stabilize in many areas – though buyers are demanding concessions to complete a sale.

We cannot say with confidence that the Fond du Lac market will see prices rise universally in 2013, but with consumer confidence and employment stable, and with interest rates historically low, many areas of our market could see some appreciation as we move through the year. 

Sellers need to consult with their REALTOR® to determine the appropriate listing price for their home given current market conditions in their neighborhood and community.

Days on Market
While listings are lagging, buyers are very active. Of the closings in the 4-county area in January, 40.8% sold in less than 60-days. An additional 15.7% sold in under 90-days, for a total of 56.5% of sales from properties listed since October or November.

Distressed sales (foreclosures, short sales, etc.) still account for approximately 20% of area sales and take the longest to sell. Distressed properties comprised a significant portion of the almost 1/3rd of the homes that were on the market for more than 120-days.

Price Ranges
37.6% of sales in the 4-County Metropolitan area were among units priced under $100,000.

Fond du Lac County had 58.3% of all regional sales. Over half, 55.7%, of the county’s sales were among properties under $100,000.

Waukesha County had 27.5% of the region’s sales. 9.4% of sales were in the $100,000-range, but sales in the $200,000-range ($200,000 - $299,999) made up 40.9% of the county’s total.

Financing
47.9% of all residential buyers and 47.3% of condominium buyers utilized conventional 30-year mortgages to finance their purchases. That is no surprise given the historically low rates currently available.

The next most common source of financing was cash, accounting for 29.6% of residential purchases and 37.3% of condos. Cash purchases among condo buyers has been a common theme through the recession due to lenders having difficulty securing condominium loans.


 

 January 11, 2013

 Fond du Lac

It was largely a year of recovery for housing across our nation. Markets resolved to shed their excess weight, appeal to both existing homeowners and renters alike, and learn to play nicer with banks. Hey, three for three isn't too bad. But there's more work to be done. Here's how the final month of 2012 finished up.

New Listings in the Fond du Lac region decreased 13.5 percent to 960. Pending Sales were down 15.9 percent to 673. Inventory levels shrank 19.7 percent to 6,897 units.

Prices were fairly stable. The Median Sales Price decreased 0.8 percent to $160,000. Days on Market was down 16.4 percent to 100 days. Absorption rates improved as Months Supply of Inventory was down 35.5 percent to 5.6 months.

Economic growth is on an upward trend and several prominent housing indices continue to showcase market turnaround. Momentum is on our side, though it won't necessarily be fast, consistent or universal. But after five or six challenging years, it's a welcomed change of pace. Plenty of opportunity lies ahead. Here's to a healthy and prosperous year!

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: http://www.metromls.com/node/33 or visithttp://www.metromls.com/.

 

December 11, 2012
Home Sales Up 24.2% in November

November sales of existing homes in the 4-county Metropolitan Fond du Lac housing market were up 24.2% compared to November 2011. 1,202 homes sold vs. 968 in November 2011.

For the year, sales are up 25.7% compared to 2011 (14,937 vs. 11,881), and up 29.4% in contrast to 2010 (11,539), as buyers take advantage of historically low interest rates and low prices, although availability is limited.

At the end of the 3rd quarter, the GMAR predicted that year-end sales would top 15,000 units. With the strong fall market 15,000 units is all but assured, and 16,000 is very possible. The last time the Fond du Lac market sold more than 16,000 units in a year was 2007, the beginning of the real estate recession.

GMAR brokers are excited to finish the year on a strong note, and hopes are high that the federal government will avert any dramatic shock to the economy or financial markets by avoiding the “fiscal cliff.” Lenders are still very shy about making mortgage loans, even to home buyers with good credit; and any shock to the credit markets will lengthen an already long housing recovery.

Price Range
37.1% of sales were among units priced in the $100,000-range ($100,000 – $199,999) in the 4-county area in November.

Fond du Lac County had 52% of all regional sales. 49.3% of the county’s sales were among properties under $100,000. Properties under $100,000 are primarily distressed units and often purchased by investors who convert them into rental properties, often in the hardest hit neighborhoods.

Waukesha County had 30% of the region’s sales, and 35.3% of sales were in the $100,000-range. Sales in the $200,000-range ($200,000 - $299,999) made up 29.4% of county sales. 231 sales, or 64.7% of all sales in the county, were between $100,000 and $299,999. 

Listings
On the supply side, listings are still very tight as they have been all year. With 1,505 new listings in November, down 1.9% from 2011, the market has an inventory level of 9.0-months, up from October’s 8.4-months.

Click here for more details including tables that show in November, 62.5% of residential listings were selling within 90-days of being put on the market. 48.1% of condos sold within 90-days, while 42.2% took up to 120-days to sell.

 
 

December 6, 2012
 Area Foreclosure Filings Fell 32 Percent in November
Fond du Lac Journal Sentinel (12/03/12) Gores, Paul

Foreclosure filings decreased more than 32 percent last month in southeastern Wisconsin, posting the lowest November total in six years and offering another sign that the housing market is turning the corner. According to court records, there were 684 mortgage foreclosure filings in November in Kenosha, Fond du Lac, Ozaukee, Racine, Walworth, Washington and Waukesha counties. That compares with 1,011 in November 2011. Foreclosures in Fond du Lac County fell more than 27 percent, from 528 in November 2011 to 384 last month. Russel Kashian, a University of Wisconsin-Whitewater economics professor, said foreclosure filings will likely finish the year down slightly over last year, driven by fewer business days for filing in December, stabilizing home prices and the reluctance of some lenders to add more foreclosures that they'll have to write off. A recent CoreLogic report found that 1.9 percent of all homes in Wisconsin were in some stage of foreclosure in October, down 0.5 percent from the same time last year.

Suburbs Show Strong Gains in Home Sales
Elkhart Lake Now (11/30/12) Olson, Jon

Regional homes sales in the four-county Fond du Lac area are on the rise, approaching levels not seen since 2007, due to low prices and mortgage rates, as well as an improving economy. Metro MLS reported 12,757 completed sales across the region through October on a year-to-date basis. In October alone, the region saw 1,246 sales, the highest figure for the month since 2009. Sales in Elkhart Lake rose 10.6 percent in the first ten months of 2012 year-over-year, while Cedar Grove and Elm Grove saw sales spike by 42 percent. The North Shore saw an increase of nearly 32 percent, with 809 sales in 2012, while the South Side's sales rose almost 26 percent to 578 through October. The Wisconsin REALTORS® Association (WRA) said the increase in the area is mirrored statewide, with year-to-date sales at 56,062 for the first 10 months of 2012 -- higher than full-year figures for the past four years. Median sales prices in the four-county region are up 6.8 percent from October a year ago to last month, rising from $155,000 to $165,000. However, they are still well below the $193,900 figure seen in October 2008.
 

 
 
December 11, 2012
Home Sales Up 24.2% in November

November sales of existing homes in the 4-county Metropolitan Fond du Lac housing market were up 24.2% compared to November 2011. 1,202 homes sold vs. 968 in November 2011.

For the year, sales are up 25.7% compared to 2011 (14,937 vs. 11,881), and up 29.4% in contrast to 2010 (11,539), as buyers take advantage of historically low interest rates and low prices, although availability is limited.

At the end of the 3rd quarter, the GMAR predicted that year-end sales would top 15,000 units. With the strong fall market 15,000 units is all but assured, and 16,000 is very possible. The last time the Fond du Lac market sold more than 16,000 units in a year was 2007, the beginning of the real estate recession.

GMAR brokers are excited to finish the year on a strong note, and hopes are high that the federal government will avert any dramatic shock to the economy or financial markets by avoiding the “fiscal cliff.” Lenders are still very shy about making mortgage loans, even to home buyers with good credit; and any shock to the credit markets will lengthen an already long housing recovery.

Price Range
37.1% of sales were among units priced in the $100,000-range ($100,000 – $199,999) in the 4-county area in November.

Fond du Lac County had 52% of all regional sales. 49.3% of the county’s sales were among properties under $100,000. Properties under $100,000 are primarily distressed units and often purchased by investors who convert them into rental properties, often in the hardest hit neighborhoods.

Waukesha County had 30% of the region’s sales, and 35.3% of sales were in the $100,000-range. Sales in the $200,000-range ($200,000 - $299,999) made up 29.4% of county sales. 231 sales, or 64.7% of all sales in the county, were between $100,000 and $299,999. 

Listings
On the supply side, listings are still very tight as they have been all year. With 1,505 new listings in November, down 1.9% from 2011, the market has an inventory level of 9.0-months, up from October’s 8.4-months.

Click here for more details including tables that show in November, 62.5% of residential listings were selling within 90-days of being put on the market. 48.1% of condos sold within 90-days, while 42.2% took up to 120-days to sell.

 
 

December 6, 2012
 Area Foreclosure Filings Fell 32 Percent in November
Fond du Lac Journal Sentinel (12/03/12) Gores, Paul

Foreclosure filings decreased more than 32 percent last month in southeastern Wisconsin, posting the lowest November total in six years and offering another sign that the housing market is turning the corner. According to court records, there were 684 mortgage foreclosure filings in November in Kenosha, Fond du Lac, Ozaukee, Racine, Walworth, Washington and Waukesha counties. That compares with 1,011 in November 2011. Foreclosures in Fond du Lac County fell more than 27 percent, from 528 in November 2011 to 384 last month. Russel Kashian, a University of Wisconsin-Whitewater economics professor, said foreclosure filings will likely finish the year down slightly over last year, driven by fewer business days for filing in December, stabilizing home prices and the reluctance of some lenders to add more foreclosures that they'll have to write off. A recent CoreLogic report found that 1.9 percent of all homes in Wisconsin were in some stage of foreclosure in October, down 0.5 percent from the same time last year.

Suburbs Show Strong Gains in Home Sales
Elkhart Lake Now (11/30/12) Olson, Jon

Regional homes sales in the four-county Fond du Lac area are on the rise, approaching levels not seen since 2007, due to low prices and mortgage rates, as well as an improving economy. Metro MLS reported 12,757 completed sales across the region through October on a year-to-date basis. In October alone, the region saw 1,246 sales, the highest figure for the month since 2009. Sales in Elkhart Lake rose 10.6 percent in the first ten months of 2012 year-over-year, while Cedar Grove and Elm Grove saw sales spike by 42 percent. The North Shore saw an increase of nearly 32 percent, with 809 sales in 2012, while the South Side's sales rose almost 26 percent to 578 through October. The Wisconsin REALTORS® Association (WRA) said the increase in the area is mirrored statewide, with year-to-date sales at 56,062 for the first 10 months of 2012 -- higher than full-year figures for the past four years. Median sales prices in the four-county region are up 6.8 percent from October a year ago to last month, rising from $155,000 to $165,000. However, they are still well below the $193,900 figure seen in October 2008.

 
Home Sales Up 32.8% in October

November 12, 2012 – October sales of existing homes in the 4-county Metropolitan Fond du Lac housing market were up 32.8% compared to the same time in 2011. 1,386 homes were sold in October vs. 1,044 in 2011.

For the year, sales are up 25.9% compared to 2011 (13,735 vs. 10,913), and up 27% in contrast to 2010 (10,760 sales).

The reason for the large increase in sales was an extension of the summer/fall market which typically trails off after Labor Day. However, this year buyers decided to continue taking advantage of historically low interest rates and low prices, into the fall.

Price Range
Homes that sold in the $100,000-range ($100,000 – $199,999) comprised almost 1/3rd of the 4-county Greater Fond du Lac housing market in October.

Fond du Lac County had 53% of all regional sales. 50.8% of the county’s sales were among properties under $100,000. Properties under $100,000 are primarily distressed units and often purchased by investors who convert them into rental properties, often in the hardest hit neighborhoods.

Waukesha County, with 29% of the region’s sales, also had a strong market in the $100,000-range with almost 1/3rd of the county’s sales in that category. Sales in the $200,000-range made up 33.2% of county sales.

Listings
On the supply side, listings are still very tight as they have been all year. With 1,908 new listings in October, up slightly 1.5% from 2011, the market has an inventory level of 8.4-months, down from September’s 9.5-months.

In October, 60.3% of residential listings were selling within 90-days of being listed. Condos were a little behind with 47.5% taking up to 120-days to sell.

Financing
About half of all buyers of residential and condominium property utilized a conventional 30-year mortgage to finance their purchase in October. That is no surprise given the historically low rates currently available.

The next most common source of financing was cash, accounting for 26.7% of residential purchases and 42.3% of condos in October.

 

 November 9, 2012
Wisconsin Housing Market Seems on Right Course
Fond du Lac Journal Sentinel (11/01/12) Gores, Paul

According to the Wisconsin REALTORS® Association (WRA), the state's housing market is making headway with sales of existing homes up for the 15th consecutive month. Additionally, the median sale price of existing homes in the state has increased slightly for seven straight months, and through the first three quarters was up 1.1 percent. While the rate of home sales growth slowed in September, experts say it was just a one-month blip. Looking at individual markets, information from the Greater Fond du Lac Association of REALTORS® shows the average sale price of 4,105 homes sold through the first nine months of 2012 in the city was $90,546 -- an increase from $87,917 in the same period last year. The WRA report said that while some communities are seeing a spike in multiple offers, others remain bogged down with rundown or foreclosed properties that need to be sold off before there can be a better balance of buyers and sellers.
 
 

 October 24, 2012

Top Signs of Foundation Trouble

 
 
A great article for Buyers and Sellers on the signs and remedies of foundation problems.  A must read for anyone owning or purchasing a home.
http://ezinearticles.com/?Top-Signs-of-Foundation-Trouble&id=7287506&goback=%2Emid_I209693996*445_*1%2Egmp_4217606%2Egde_4217606_member_178197044
 

October 10, 2012
 
September Market Reports

Fond du Lac

Most housing metrics should follow their usual, autumnal movements – higher inventory and days on market, fewer sales, lower prices. That applies only to month-to-month seasonal trends; most indicators should still show improvement on a year-over-year basis. As you already know, all real estate is local – down to the city neighborhood, suburban development and exurban lot. Let's dive into some local figures.

New Listings in the Fond du Lac region decreased 8.5 percent to 1,683. Pending Sales were down 14.7 percent to 849. Inventory levels shrank 18.8 percent to 8,969 units.

Prices were fairly stable. The Median Sales Price decreased 1.5 percent to $164,000. Days on Market was down 8.6 percent to 101 days. The supply-demand balance stabilized as Months Supply of Inventory was down 34.7 percent to 7.6 months.

Not to get negative like a political TV ad, but sluggish job growth, persistently high gas prices, drought-induced spikes in food prices and other global events could threaten consumer confidence. The Fed's mortgage purchases drove Freddie Mac's average 30-year fixed-rate mortgage survey to an all-time low of 3.40 percent. Employment growth remains critical, providing the very jobs that will stimulate housing demand and higher prices as well as alleviate beleaguered homeowners.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link:http://www.metromls.com/support/Market_Updates/index.html or visit www.metromls.com.

 

September 11, 2012
Home Sales Up 21% in August

Sales of existing homes in the 4-county Metropolitan Fond du Lac housing market were up 21% in August, continuing their strong performance that began in mid-2011.

Despite oscillations in consumer confidence, uncertainty in the presidential election and no plan to avoid a federal “fiscal cliff” later this year, the housing market continues to chug along as buyers capitalize on low prices and historically low interest rates.

The 1,619 sales the Greater Fond du Lac market had in August is still a little shy of where brokers would like to see it performing. With 11,074 sales year-to-date (YTD), the market is acting as if it was in the early 2000s, when we saw YTD sales of 11,157 in 2000 and 11,982 in 2001. 

Nonetheless, projecting out to the end of the year it looks like sales will be in the vicinity of 15,000 units, which would be a very healthy rebound from the depths of the recessionary years of 2010 and 2011 when the Fond du Lac market posted total yearly sales of 12,865 and 13,278, respectively.

Current sales would be more robust were it not for a lack of supply of homes for sale. The plethora of homes listed for sale was a major characteristic of the recession from 2007 to mid-2011, when inventory levels were well above 10-months. However, that abundance of available properties has been whittled down to just 7.8-months, for the second straight month.

With inventory levels ranging from a high of 8.6-months in April to a low of 6.3 in June, strong sales in the spring and summer market should result in price increases when the 3rd quarter winds up at the end of September; as brokers report that many homes for sale are receiving multiple offers.

Sellers should be very cautious about boosting prices, however. It is not a seller’s market and buyers are still requesting discounts and concessions in their offers. A more prudent action would be to listen to a REALTORS® pricing strategy (pricing a home correctly for the community and neighborhood it is in) and see if it attracts multiple offers.

County-by-County Sales Analysis for August compared to 2011:

• Fond du Lac County up 11.5% in sales (833 units vs. 747 units)
• Waukesha County was up 42.7% (531 sales compared with 372)
• Washington County was up 8.8% (136 vs. 125)
• Ozaukee County also up 26.6% (119 units vs. 94 units)
• Racine County was up 25.7% (230 units vs. 183 units)
• Kenosha County up 1.7.% in sales (176 units vs. 173 units)
• Walworth County was up 17.1% (130 units vs. 111 units)

 

 
 August 12, 2012
 
Home Sales Up 29.2% in July

The 4-county Metropolitan Fond du Lac housing market was as hot as the weather in July, boiling 29.2% over July of 2011.

Historically low interest rates, low prices and improved consumer confidence – despite recent fluctuations – have helped the market tremendously; generating double-digit sales growth for more than a year.

The ‘Great Recession’ provided an abundance of available properties for sale, however, that 5-year trend ended this spring as inventory of available homes for sale dwindled, currently sitting at 7.8-months.

July continued that trend with a 0.09% decline in homes listed for sale. A very small decrease compared to the 12.85% decrease in June, but the continuation of a trend since the beginning of the year – occurring at the same time sales have increased – resulting in inventory levels not seen since the early 2000s. 

The combination of high sales and low inventory appears to be placing some pressure on prices, via multiple offers on homes, not in initial listing prices. In fact, the 2nd quarter of this year we saw two counties with price increases. Prices in Washington County were up 1% and Walworth County was up 1.3% over the 2nd quarter of 2011.

Sellers should be very cautious about pricing their home or starting with a price higher than their REALTOR® recommends, because buyers are still requesting discounts and concessions. A more prudent action would be to price a home correctly for the community and neighborhood it is in, and see if it attracts multiple offers.

County-by-County Sales Analysis for July compared to 2011:

• Fond du Lac County up 29.2% in sales (899 units vs. 696 units)
• Waukesha County was up 32.5% (505 sales compared with 381)
• Washington County was up 43.6% (145 vs. 101)
• Ozaukee County also up 5.4% (117 units vs. 111 units)
• Racine County down 3.9% in sales (172 units vs. 179 units)
• Kenosha County was up 38.6% in sales (158 units vs. 114 units)
• Walworth County up 35.6% in sales (122 units vs. 90 units)

Click here for complete statistics.

 
 

 
 
 July 11, 2012
Home Sales Up 25.8% in June, 
28.6% for the 2nd Quarter


The 4-county Metropolitan Fond du Lac housing market continued its strong advance in June and for the 2nd Quarter of 2012, posting 25.8% and 28.6% increases in sales, respectively, over 2011.

June was the 12th consecutive month in which home sales increased by double-digits. The combination of historically low interest rates and low prices has helped the market tremendously despite recent fluctuations in consumer confidence.

June also saw a 12.9% decline in homes listed for sale, continuing a recent trend as sales increased. The reduction in listings was needed during the depths of the recession in order to clear foreclosures from the market. However, in today’s market the contraction of listings has led to a tight level of inventory, now at only 6.3 months.

The combination of high sales and low inventory should yield price pressure in the near future, which, in fact, the market started to bear out in the last quarter. Washington and Walworth Counties were the first to show positive price appreciation, with respective 1% and 1.3% increases over the 2nd quarter of 2011.


County-by-County Sales Analysis for June compared to 2011:

• Fond du Lac County up 27.2% in sales (969 units vs. 762 units)
• Waukesha County was up 20.3% (534 sales compared with 444)
• Washington County was up 54.8.% (161 vs. 104)
• Ozaukee County also up 11.0% (121 units vs. 109 units)
• Racine County up 2.1% in sales (198 units vs. 194 units)
• Kenosha County was down 5.7% in sales (164 units vs. 174 units)
• Walworth County up 34.7% in sales (132 units vs. 98 units)

County-by-County Sales Analysis for the 2nd Quarter compared to 2011:

• Fond du Lac County up 25.2% in sales (4,555 units vs. 3,639 units)
• Waukesha County was up 31.7% (2,245 sales compared with 1,705)
• Washington County was up 43.8% (667 vs. 464)
• Ozaukee County also up 29.0% (503 units vs. 390 units)
• Racine County up 11.4% in sales (945 units vs. 848 units)
• Kenosha County was up 11.0% in sales (836 units vs. 753 units)
• Walworth County up 21.9% in sales (613 units vs. 503 units)


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Realty Executives Elite
• Waldo, WI 53093
Phone: (414)426-1784 • Fax: 888-645-2580



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