January and February Green Cty Wi Real Estate Market report

I realized today that it has been a while since we did a comparative market report for the Green County, WI area:

• 45 homes sold though the MLS in January and February of 2011,
• The homes were on the market for an average of 102 days,
  
• The average sale price was $116,028,
  
• The median sale price was $109,900,
  
• The highest priced property sold was $363,587,
  
• The lowest priced property sold was $10,000.

Let's compare with January and February of 2010:

• 21 homes sold through the MLS in January and February of 2010,
• The homes were on the market for an average of 141 days,
• The average sale price was $158,385,
• The median sale price was $129,900,
  
• The highest priced property sold was $333,500,
  
• The lowest priced property sold was $57,500.

Our interpretation of these numbers? The average and median home prices have dropped due to the larger number of less expensive foreclosure homes that have been moving. 22 of these 45 homes sold in January and February were under $99,999.

These numbers also mesh very well with what we have been seeing personally in the real estate market so far this year - things are starting to move again. This is not only true for single family homes. When we look at commercial properties, 4 sold through the MLS in January-February of this year, but only 1 in the same time last year. 3 parcels of vacant land sold this year compared to one last year; 3 multi-family properties have sold this year compared to none last year. The only class that sold better last year was condos: 1 this year compared to 4 last year.

Taking a look at the future, there are 17 single family properties currently pending sale in the MLS. That means that all contingencies have been removed and the parties are just waiting for the closing date. 22 single family homes are also listed as having an offer that still has contingencies. We like seeing those kinds of number in Green County again.

Let's keep real estate recovery going here in Cheese Country.

Real Estate Market Statistics for Green County for 2010

2010 has drawn to a close, and now we can get our first look at solid numbers regarding the strength of the real estate market here in Green County in the last year. I pulled this chart because I found it interesting when we compared 2010 not only to 2009, but also to the years prior.

Housing Statistics by Quarter in Green County, WI

Number of Home Sales

2005    -    438
2006    -    399
2007    -    370
2008    -    298
2009    -    325
2010    -    317

Median Price

2005    -    $137,750
2006    -    $152,400
2007    -    $139,900
2008    -    $131,050
2009    -    $127,000
2010    -    $127,500

I am very hopeful that things are coming back to normal. Our median home price is only $10K down from the normal of 2005, and it grew, though slightly, from 2009. This shows nice stabilization in our prices and hopefully heralds the end of decline on the market as a whole.

Housing Outlook for the 2011

Wisconsin Real Estate Magazine has an in-depth report on the economic and housing outlook for Wisconsin in 2011.

We'll let you read the full details for yourself, but here are a few interesting quotes:

"But house prices are now roughly in line with fundamentals like incomes, interest rates, and rents. For example, for much of the 80s and early 90s national house prices were about 3 to 3½ times the median household income. During the boom the ratio peaked at about five, but now we are back in step with historic norms."

The bust has been very difficult for our nation, but the rate of increase in the early part of this century simply was not sustainable. Having prices back to historic norms is a very good thing for our nation as a whole.

"Wisconsin’s economy and housing markets are continuing the recovery we noted last year. Statewide, our unemployment rate is 7.8 percent, 2 points below the national average. Even our worst-hit metropolitan areas like Janesville and Racine are outperforming the really hard-hit labor markets..."

This statistic is not helpful if you are one of the 7.8 percent. However, as a whole, it speaks to the robust nature of our economy compared to the rest of the nation. Confidence will help growth, and growth is what we need to fully recover from the recession.

"Some of our smaller metropolitan areas like Eau Claire and Green Bay, though still affected, have seen less of a boom and bust cycle than the rest of the country, and nothing close to the highly volatile markets in states like California and Florida."

This echoes something we have been saying for years: real estate is nothing but local. Just because there are enormous declines in Las Vegas or entire subdivisions nearly vacant in California does not mean that buyers here can expect to get houses for half of their 2006 values. And no, cash offers don't mean sellers will accept 50 cents on the dollar either.

"Housing prices in Wisconsin, as elsewhere, have stopped their decline and appear to have stabilized. "

Again, this is something that we have been seeing locally. Prices do appear to have stabilized across the board. The challenge now is to help sellers accept the reality of today's fair market value instead of longing for the pricing of four years ago.

We do recommend reading the entire report. It is a very readable work and a very informative one.

June 2010 Green Cty Wi Real Estate Market report

Regarding the number of single family homes that sold in Green County in June of 2010:

• 29 homes sold in June of 2010,
• The homes were on the market for an average of 106 days,
  
• The average sale price was $143,386,
  
• The median sale price was $128,000,
  
• The highest priced property sold was $322,000,
  
• The lowest priced property sold was $27,000.

Let's compare with June of 2009:

• 32 homes sold in June of 2009,
• The homes were on the market for an average of 159 days,
• The average sale price was $148,459,
• The median sale price was $140,957,
  
• The highest priced property sold was $375,900,
  
• The lowest priced property sold was $43,000.

Many of the numbers are holding steady against this month last year, but it is great to see that the average days on market is significantly lower again.

Six homes in the over $200,000 price range sold last month. Considering how hard this price range was hit during the last year and a half, it is good to see some signs of life in the higher priced market.

May Market Report for Green County, Wisconsin

Regarding the number of single family homes that sold in Green County in May of 2010:

• 37 homes sold in May of 2010,
• The homes were on the market for an average of 111 days,
  
• The average sale price was $150,139,
  
• The median sale price was $132,000,
  
• The highest priced property sold was $425,000,
  
• The lowest priced property sold was $20,000.

Let's compare with May of 2009:

• 33 homes sold in May of 2009,
• The homes were on the market for an average of 96 days,
• The average sale price was $157,000,
• The median sale price was $425,000,
  
• The highest priced property sold was $765,000,
  
• The lowest priced property sold was $75,000.

Two very expensive property sold in May of last year, and no very inexpensive homes sold in that month, which accounts for the very high average and median home prices. These are not normal numbers for our area.

Comparing the two years, it is great to see the number of single family homes sold still stable. Perhaps it is a little early to say that our real estate market has recovered, especially since our days on market are still high indicating a higher than average housing inventory, but we are certainly showing great signs of life again in the Green County area.

April 2010 Market Report

We knew that April was shaping up to be a great month for single family home sales here in Green County, but it ended up exceeding our expectations, to be honest!

Regarding the number of single family homes that sold in Green County in April of 2010:

• 50 homes sold in April of 2010,
• The homes were on the market for an average of 116 days,
  
• The average sale price was $131,080,
  
• The median sale price was $120,650,
  
• The highest priced property sold was $302,500,
  
• The lowest priced property sold was $5,500.

Let's compare with April of 2009:

• 18 homes sold in April of 2009,
• The homes were on the market for an average of 145 days,
• The average sale price was $140,824,
• The median sale price was $125,200,
  
• The highest priced property sold was $340,000,
  
• The lowest priced property sold was $24,235.

Clearly that first time home buyer's tax credit was working here. Sales were way up, and the number of classic first time buyer homes were certainly up too. 37 of those sold properties were priced under $150K. It is nice to see that the higher priced home market is moving a bit more as well. Five homes priced over $250K sold last month, which is a big change from a year ago when only two homes in this range sold. This higher priced range has been hit the hardest locally, with the largest price drops and the highest inventory counts. Seeing these homes starting to change hands with more regularity two months in a row is great.

March 2010 Green County Market Report

Market report time. What happened with the County, Wisconsin real estate market last month?

Regarding the number of single family homes that sold in Green County in March of 2010:

• 19 homes sold in March of 2010,
• The homes were on the market for an average of 110 days,
  
• The average sale price was $128,452,
  
• The median sale price was $110,000,
  
• The highest priced property sold was $358,000,
  
• The lowest priced property sold was $25,000.

Let's compare with March of 2009:

• 25 homes sold in March of 2009,
• The homes were on the market for an average of 112 days,
• The average sale price was $142,654,
• The median sale price was $1118,500,
  
• The highest priced property sold was $513,500,
  
• The lowest priced property sold was $25,000.

Days on market has stayed steady, and the the change in median sale price was pretty minimal. Steady is a good thing.

Out of curiosity, I pulled the same statistics from 2003, a time when no one was complaining at all about a real estate market prices.

• 26 homes sold in March of 2002,
• The homes were on the market for an average of 85 days,
• The average sale price was $108,042,
• The median sale price was $109,000,
  
• The highest priced property sold was $225,000,
  
• The lowest priced property sold was $30,000.

Median sale prices, average sale prices, and highest priced property are all significantly higher in 2010 than eight years ago. This is what happens with regard to pricing throughout history. Seeing that the trend is continuing, even with the difficulties we've had in the real estate market over the last few years, it is good.

Homes are staying on the market longer now, which is a reflection of the fact that we still have a higher inventory of homes for sale. We are still working our way through the extra inventory of homes that did not sell during the winter of 2008-2009.

Peeking ahead at April, 5 homes have already sold this month as of today, only the eighth day of the month. 24 homes are currently pending sale. Let's see how the month keeps going. I personally think that the Home Buyer's Tax Credit has been a helpful thing for real estate in our area after we got through the depths of winter.

April 2010 Green County Market Report

Another month has ended, so it is time for monthly report on the Green County, Wisconsin real estate market.

Regarding the number of single family homes that sold in Green County in February of 2010:

• Only 5 homes sold in February of 2010,
• The homes were on the market for an average of 119 days,
  
• The average sale price was $157,180,
  
• The median sale price was $131,900,
  
• The highest priced property sold was $275,000,
  
• The lowest priced property sold was $57,500.

Let's compare with February of 2009:

• 12 homes sold in February of 2009,
• The homes were on the market for an average of 100 days,
• The average sale price was $,191,858
• The median sale price was $128,036,
  
• The highest priced property sold was $525,000,
  
• The lowest priced property sold was $47,000.

There was obviously a difference here, and I think that the weather can account for a good deal of it. No one likes to look at homes when the weather is cold, when there are multiple feet of snow on the ground. The only people who look for homes in these conditions are those who absolutely need to purchase something. Buyers like to be able to see something of the yard and get a look at the foundations of homes. In previous years, we had a late January snow melt, and the phone starts to ring when the snow melts. This year, it was cold and snowy all the way through February.

I took a minute to check pending home sales for Green County. Sure enough, there are already 15 homes pending sale. This means that the home has an accepted offer on it, all contingencies have been met, and the buyer and seller are just waiting for the closing date. 25 homes sold in March of 2009. We are only on the 10th day of the month, yet 2 homes have already sold and another 15 are pending sale.

I do believe that we will be back on track in March.

January 2010 Green County Market Report

Another month has ended, so it is time for monthly report on the Green County, Wisconsin real estate market.

Regarding the number of single family homes that sold in Green County in January of 2010:

• 15 homes sold in January of 2010,
• The homes were on the market for an average of 126 days,
  
• The average sale price was $153,993,
  
• The median sale price was $122,000,
  
• The highest priced property sold was $333,500,
  
• The lowest priced property sold was $19,500.

Things are still looking better than they did in January of 2009:

• 11 homes sold in January of 2009,
• The homes were on the market for an average of 124 days,
• The average sale price was $128,036,
  
• The median sale price was $117,500,
  
• The highest priced property sold was $264,900,
  
• The lowest priced property sold was $9,500.

One of the most promising things I see in looking at the homes that sold was they were in a large variety of price ranges. Yes, six of them were under $100K, but many of our homes in the area are in that price range. There were homes that sold in almost every single price bracket in our realtor data base up to $350,000 instead of a bunch of starter homes and just one or two higher end homes. Considering the abundant inventory in higher end homes in the area, it is excellent to see these starting to move again.

Three months in a row of positive numbers. This is great to see!

December 2009 Green County Market Report

Time for another monthly report on the Green County, Wisconsin real estate market.

Regarding the number of single family homes that sold in Green County in December of 2009:

• 21 homes sold in December of 2009,
• The homes were on the market for an average of 141 days,
  
• The average sale price was $142,750,
  
• The median sale price was $140,000,
  
• The highest priced property sold was $250,000,
  
• The lowest priced property sold was $49,900.

Volume-wise, this is a huge improvement from December of 2008:

• 12 homes sold in December of 2008,
• The homes were on the market for an average of 95 days,
• The average sale price was $138,585,
  
• The median sale price was $123,200,
  
• The highest priced property sold was $264,000,
  
• The lowest priced property sold was $58,425.

Historically, December is a very slow month for real estate sales, especially single family homes. I had to go back to 2005, the height of the real estate boom, to find a month where more homes sold in a December. so it is very interesting to see this many homes selling last month. Interestingly, the median home price sold in December of 2005 was $141,000, almost the same as last month too.

Coming on the heels of the November home sales holding steady, I am very heartened by the December statistics. I hope that the January sales are in this same vein.

November Market Report

First, the number of single family homes that sold in Green County in November of 2009:

• 19 homes sold in November of 2009,
• The homes were on the market for an average of 88 days,
  
• The average sale price was $111,000,
  
• The median sale price was $133,047,
  
• The highest priced property sold was $265,000,
  
• The lowest priced property sold was $59,000.

Things have not changed very much when compared to November of 2008:

• 21 homes sold in November of 2008,
• The homes were on the market for an average of 76 days,
• The average sale price was $136,242,
  
• The median sale price was $121,000,
  
• The highest priced property sold was $450,000,
  
• The lowest priced property sold was $55,000.

It is nice to see the average days on market dropping down from the 95+ days that we saw earlier this spring.

I find it very positive that the November statistics are similar to where they were last November. Given the way that the market slowed down so much in the early spring of this year, it is great to see things holding steady again. The average sale price is lower, which is reflective of both the fact that prices did drop in our area in the last year as well as the fact that the First Time Home Buyer's Tax Credit was a great incentive that encourage a number of former renters to take the leap into home ownership in recent weeks.

December is historically a slower month for real estate sales, so I am curious to see how this year shapes up. Interestingly, one home has already sold in Green County this month, and it is

May Market Report

I cannot believe that it is mid-June already. Somehow I missed doing the market report so far this month.

First, the number of single family homes that sold in Green County in May of 2009:

• 33 homes sold in May of 2009,
  
• The average sale price was $189,363,
  
• The median sale price was $155,700,
  
• The highest priced property sold was $765,000,
  
• The lowest priced property sold was $20,500.

Things have dropped a little bit since May of 2008:

• 30 homes sold in May of 2008,
  
• The average sale price was $148,946,
  
• The median sale price was $127,250,
  
• The highest priced property sold was $395,000,
  
• The lowest priced property sold was $54,000.

The median home price and average home prices both jumped up from the April numbers, and the number of homes sold increased dramatically too.

I find it very interesting how the numbers compared to this time last year. The number of homes selling is about the same, 10% different, but the average and median prices are dramatically different. This is not just a reflection of the $765,000 home selling. There were homes that closed in every single price range, including the $200-300K, $300-400K, $400-500K and $600-700K ranges. This is is big improvement in the local market, which has seen homes over $200K moving slowly in the last year.

Things are also moving more quickly. The average days on market for the homes that closed in May was 97, down from 109 in May of 2008 and from 145 in April of 2009.

All in all, these are very positive numbers for our area.

April Market Report

April has passed up by, so it is time to take a look at how the real estate market did locally did during that month.

First, the number of single family homes that sold in Green County in April of 2008:

• 18 homes sold in April of 2009,
  
• The average sale price was $140,824,
  
• The median sale price was $125,200,
  
• The highest priced property sold was $340,000,
  
• The lowest priced property sold was $25,000.

Things have dropped a little bit since April of 2008:

• 29 homes sold in April of 2008,
  
• The average sale price was $156,5197,
  
• The median sale price was $130,000,
  
• The highest priced property sold was $355,000,
  
• The lowest priced property sold was $76,000.

Obviously the number of homes that closed in the month did fall some.

However, it is great to see that the median price jumped back up a little bit from the March 2009 position, and it just a little bit lower than it was in April 2008. This is really good news for the area.

Market Report for the Green County area

It was very interesting looking at the real estate market statistics for Green County this afternoon.

I examined the number of single family homes that sold in Green County in March of 2009:

• 25 homes sold in March of 2009,
  
• The average sale price was $142,654,
  
• The median sale price was $118,500,
  
• The highest priced property sold was $513,500,
  
• The lowest priced property sold was $25,000.

I then compared this to the March of 2008:

• 17 homes sold in March of 2008,
  
• The average sale price was $160,067,
  
• The median sale price was $141,500,
  
• The highest priced property sold was $379,900,
  
• The lowest priced property sold was $26,500.

Clearly the real estate market is still very active in the area. More single family homes are selling than sold a year ago. This also shows something that we realtors have been aware of - prices did drop in the last year and the more expensive homes are moving more slowly. This accounts for the very large drop in median home price.

When I ran some numbers for single family home sales in Green County for so far in April, I noticed a similar trend of a smaller drop in average sale price and a larger drop in median sale price. It will be interesting to see how the number of properties sold compared when the full April data is in.