Part of shopping for a house to buy is calculating whether or not you'll be able to comfortably afford the monthly mortgage payment. Nobody wants to buy a house that causes them financial stress. So
Median home sales price in Brown County ignores sluggish sales and low inventory in first quarter
Wisconsin home sales significantly fell in March by about 14.1% compared to March of 2018. The sluggish sales and the continued decline of home inventory on the market put pressure on home prices. It’s a simple supply and demand equation. As homes sales and inventory decreased, the median sales price increased 6.3% to $185,000 in March. Although January and February experienced similar down turns, they weren’t quite as pronounced as March. Sales in the first quarter of 2019 were down 7.4% with the median sales price increasing 5.5% to $179,300 statewide compared to the first quarter of 2018.
The bitter winter we experienced may have had an impact on the March results. Economists however state that the downturn in March was more likely due to lack of inventory. Sellers definitely have the upper hand in todays market yet there are still good deals to be had for homebuyers if you really watch the market.
It’s a slightly different story in Brown County for the first quarter of 2019 however. The median sales price increased slightly from $176,000 to $177,000 up 0.6% while the number of sales decreased 10% from 619 in 2018 to 557 in 2019. The inventory of homes for sale in Brown County stayed about the same comparatively.
Click here for more information on Wisconsin real estate statistics for the month March 2019.
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