Whether you are selling, buying or investing, I can help.

Servicing all of South Central Wisconsin - Janesville, Edgerton, Milton, Stoughton, Beloit and more...

February 20, 2012

MADISON, WI – Home sales in Wisconsin continued to improve in January, with sales up a substantial 10.8 percent compared to January 2011, according to the latest monthly report by the Wisconsin REALTORS® Association (WRA). The report also showed a decline in home prices, which fell 7 percent to $119,500 over the same period.

The report notes that Wisconsin home sales are highly seasonal, and few buyers historically choose to close on homes in January. “Last year, just over 5 percent of home sales took place in January, which is about right for what is usually the slowest month of the year for sales volume,” said Rob Keefe, Chairman of the WRA board of directors. A normal seasonal pattern for Wisconsin shows sales volume steadily growing through June; tapering off slightly in the latter part of the summer, and then slowing throughout the remainder of the year. “While we wouldn’t want to draw too many conclusions from strong January sales figures, it is encouraging to see some the strong growth patterns of the last three months continue into 2012,” said Keefe.

Four of the six regions within the state experienced solid growth in home sales between January 2011 and January 2012, with the remaining two down over the period. The strongest growth was seen in the Northeast region, where home sales rose 22.8 percent over the period. Also up by double-digits was the South Central region, where sales increased 16.7 percent in January compared to the same month last year. Home sales rose 10.3 percent in the West, and they were up 10.1 percent in the Southeast region. “It’s tempting to attribute these strong sales numbers to the relatively warm winter we’ve had this year, but most closings are scheduled weeks in advance,” said Keefe. Home sales in the North region were down 1.6 percent, and sales in the Central region fell more substantially, down 6.7 percent, over the period.

The report also showed another reduction in the statewide inventory of unsold homes. The January figure stands at 11.8 months of unsold homes, meaning that it would take nearly a year to sell the current inventory of homes available for purchase given the average pace of sales over the last year. “In the 20 months that we’ve tracked this measure, this is the first time we’ve been below 12 months, which is a good sign,” said WRA President and CEO, Michael Theo, who noted that new listings are also down, which should continue to bring inventories down. “In a balanced market, we see about six months of unsold inventory, so this is still very much a buyer’s market,” said Theo.

Consumers do remain skittish, as indicated by a modest decline in January consumer confidence reported by the Conference Board. “With all of the uncertainty in the world economy and talk of a possible meltdown in Europe, that’s not surprising,” said Theo. Still, it’s important to note that with median prices down 7 percent statewide over the last year, and 30-year fixed-rate mortgages in the area of 4 percent, home affordability in the state is very high. The Wisconsin Housing Affordability Index, which shows what percentage of a median-priced home that a buyer with the median family income can afford, stood at 272 in January, which is substantially higher than the index value of 243 back in January of last year. “There are some incredible deals for buyers who can obtain credit, and anyone even remotely considering a home purchase will find great opportunities in this market,” said Theo.

____

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                                                                                                                                  

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.

myspace web counter