Ted Klumb is a Commercial and Residential Real Estate agent with First Weber and CEO/Founder of TKOR, LLC property management (www.tedklumb.com). He lives and works in Menomonee Falls, is a graduate of UWM, and is married with two children. Ted is also a former member of the Menomonee Falls School Board, a faith development music teacher, and musician who’s enthusiasm far exceeds his talent.
Here is some good news for homeowners and people considering selling their home.
In Menomonee Falls honoring our Vetrans has never gone in and out, of style. The commitment to honor them has remained strong.
The Wisconsin housing market grew substantially in March, with both home sales and median prices increasing at a robust pace over the past year, according to the most recent analysis of the statewide housing market by the Wisconsin REALTORS® Association (WRA). Home sales increased 16.1 percent in March 2015 over March 2014, and median prices rose 8.8 percent to $149,000 over that same period. For the first quarter of 2015, existing home sales were 6.7 percent ahead of the first three months of 2014, with median prices in the first quarter up 7.6 percent compared to the first quarter last year.
“The market is definitely heating up, and it couldn’t come at a better time as we move into the prime homebuying season,” said Dan Kruse, WRA board chairman. In a typical year, about 27.1 percent of homes sell in the spring months between March and May. “The economic fundamentals of the housing market have been good for the last several months, and we were expecting solid growth this spring, but double-digit sales growth is impressive,” he said. The statewide unemployment rate dropped to 4.6 percent in March, which is its lowest point since June 2008, and the 30-year conventional fixed-rate mortgage stood at 3.77 percent in March. Five of six regions saw double-digit growth in sales during March, with the strongest growth in the West region, where home sales were up 28.4 percent compared to March 2014. Four of the regions — the Northeast, Southeast, South Central and North — had existing home sales grow between 12.6 percent and 18.4 percent. Only the Central region saw its sales fall in March, dropping 7 percent compared to March 2014.
Median prices grew to $149,000 in March, which is 8.8 percent higher than that same month last year. “We’ve seen consistent upward movement in home prices this year, and March was the strongest so far,” said WRA President and CEO Michael Theo. By comparison, existing home prices rose just 3.1 percent during 2014 compared to 2013. Price appreciation so far this year has been more than twice the pace of last year, rising 7.6 percent. “Clearly the high pace of sales fuels these price increases, but fewer foreclosures have helped to stabilize inventories statewide,” said Theo. First quarter foreclosures are down 13.5 percent from last year and down 33.7 percent from the first quarter two years ago. This decline brought March inventory levels down to the lowest level since the WRA began tracking these figures in 2011. “Luckily new listings increased significantly this month, or market inventories would have been even tighter,” said Theo, who noted that new listings are up 15.1 percent compared to March 2014.