Home sales in far west not following statewide trend
The number of home sales dropped across Wisconsin in 2007 by 10.8 percent over 2006, but statewide the median price of those homes increased by 0.2 percent.
According to the Wisconsin Realtors® Association's annual year-end analysis of home sales Wisconsin actually fared better than the nation where home sales dropped by 12.8 percent from 2006-07.
"Housing in our state and throughout much of the Midwest is much less volatile than many markets in other parts of the country, especially the Western United States," said William Malkasian, WRA president.
"While 2007 was a rough year for housing sales compared to our recent boom years, Wisconsin's housing future looks like it will be brighter, faster," he added.
The analysis found that most counties in the far western region didn't follow the statewide trend.
St. Croix County saw the biggest drop in home sales from 2006-07.
The number of homes there dropped from 1,256 to 1,053, a 16.2 percent drop.
The median price of a home in St. Croix County dropped from $205,000 in 2006 to $194,000 in 2007, a drop of 5.4 percent.
In Pierce County the number of homes sold dropped 13.3 percent from 390 in 2006 to 338 in 2007. The median price fell from $189,000 to $178,700, a decrease of 5.5 percent.
The number of homes sold in Dunn County increased by 3.1 percent in 2007 over 2006, with 366 homes sold in 2007 compared to 355 in 2006.
However, the median price of a home in Dunn County dropped 5.5 percent, going from $146,700 to $138,700.
Home sales in Polk County were down 11.1 percent in 2007 with 530 homes sold in 2006 and 471 in 2007.
The median price of a home there dropped just 1.2 percent from $154,500 to $152,700.
In their analysis WRA grouped Pepin, Buffalo and Trempealeau counties together.
There home sales were up 8.7 percent, going from 183 in 2006 to 193 in 2007.
The median price of a home there also jumped, going from 102,900 to 107,800, an increase of 4.8 percent.
According to the WRA analysis the western region was the only part of the state to see a drop in the median price of a home.
The southeast region saw the median price of a home there increase by 2.4 percent, going from $180,000 to $184,000 in 2007.
Get the full detailed report on the WRA Web site at www.wra.org