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October 2011 Real Estate Report:

Date: November 21, 2011

MADISON, WI - For the fourth straight month, Wisconsin’s monthly home sales outpaced last year while median prices continued to fall, according to data released by the Wisconsin REALTORS® Association (WRA). Existing home sales increased 13.5 percent in October compared to October 2010, and median prices fell 7.8 percent over the same period to $129,000.


“We are continuing the trends seen throughout the third quarter with home sales well above the depressed levels of 2010,” said Rob Keefe, Chairman of the WRA Board of Directors. “By front-loading sales in 2010, the Federal Tax Rebate Program made sales in the first half of this year look weak,” said Keefe. “Conversely sales in the second half of this year look much stronger by comparison,” he added. Sales in the first half of 2011 were 17.6 percent below the 2010 levels, but in the last four months, the state is 24.5 percent ahead of last year’s pace, making the year-to-date figures just 2.8 percent lower. “The economic fundamentals really haven’t changed much over the past year so it’s not surprising our sales volume is about the same overall,” said Keefe.

All regions within the state saw their October sales volume increase, with all but the North region up by more than 10 percent over October 2010. On a year-to-date basis, all regions are in the vicinity of last year’s volume with the Southeast slightly above year-to-date sales up 0.6 percent, the North region slightly below year-to-date sales down 0.3 percent, and the Northeast region just 3.7 percent below sales levels through October of last year. The remaining regions are between 5.6 percent and 8.2 percent lower year-to-date.

Statewide, the median price of existing homes fell 7.8 percent in October 2011 relative to October 2010, and on a year-to-date basis, median prices were 5.7 percent lower than last year. “It’s clear that prices have moderated, and that’s not surprising given the high inventory levels in the state,” said WRA President and CEO Michael Theo. Currently there is 15.5 months of housing inventory, meaning that it would take 15.5 months to sell the existing inventory given the average monthly pace of sales over the last 12 months. “Homebuyers are waiting for good news on the economy before they jump back into this market, and so far the economic news has been mixed,” said Theo.

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I hope that you find this website useful in many ways. You can search my listings by clicking on the listings link above or search wisconsinhomes.com  to search all properties in the South Central Wisconsin Area.

While located in Edgerton, Wisconsin, I often represent my clients and customers in the general south central Wisconsin area. Whether you are looking for a professional to represent you in the sale of your home or are a buyer looking to purchase a home, I am confident that I will provide a valuable service before, during and after the transaction.

Whether you are looking for a home, condo, foreclosure or an investment, I can help.  With years of experience in new construction, existing homes and investment properties, I will provide you with the information needed to make an informed decision.  Download the first time home buyer's guide . 

If you are considering selling your home, condo, business or investments and you simply want to have a conversation about your options, I can meet with you at a time that is convenient for you.  Download the seller's helpful hints.

Eric Kim, Realtor®  (608) 322-4422 or email me at eric_kim1987@yahoo.com                                                                                                                                   


I am available to answer questions you may have

at the time that is most convenient for you.

Please call me at (608) 322-4422

NEWS

New Law Will Require Carbon Monoxide Detectors in All Homes

On February 1, 2011, Wisconsin's new carbon monoxide detector law will go into effect, requiring all homes to have a carbon monoxide detector.

Carbon monoxide is a dangerous, poisonous gas, which cannot be detected by human senses. Dubbed the "silent killer", carbon monoxide claims more than 2,000 lives each year and sends more than 40,000 people to the emergency room in the U.S. alone. At high concentrations, carbon monoxide can be fatal within minutes. Twenty-three other states already have laws requiring carbon monoxide alarms in residential properties.

This new law will expand the current carbon monoxide detector requirements to all one and two-family homes and parallels requirements for smoke alarms for ease of installation. Specifically, this new law will require carbon monoxide alarms to be installed in the basement of the dwelling and on each floor level except the attic or storage area of both newly constructed and existing homes. For new construction, the alarms must be hard-wired in order to be current with national model safety codes. For existing homes, the alarms can be battery operated and can be multi purpose (smoke and carbon monoxide). Dwellings with no attached garages, no fireplaces and no fuel-burning fireplaces are exempted from this requirement.

Similar to the smoke alarm law, the new carbon monoxide detector law does not have a fine or penalty associated with non-compliance. However, all home inspections will be required to check for carbon monoxide alarms.

For more information, please visit: http://news.wra.org/story.asp?a=1302.

 

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