Statewide home sales, median price, dropped in March
e-mail print By Paul Gores of the Journal Sentinel
April 18, 2011 10:26 a.m.
Sales of existing homes in Wisconsin dropped 18.5% in March and the median sale price fell 9.6%, data released Monday by the Wisconsin Realtors Association shows.
There were 3,753 closed sales in March, compared with 4,605 in the same month last year. The median price of homes sold in March this year was $123,000, down from $136,000 in March of 2010.
"After solid sales in January this year, the market has fallen sharply in February and March," said John Horning, chairman of the WRA board of directors. "While disappointing, it's important to remember that home sales in March of 2010 were not typical due to the impact of the federal homebuyer tax rebates."
Realtors said a more "apples-to-apples" comparison should return around the fourth quarter of this year when the impact of the tax credits should subside.
"We have to interpret these price changes with caution," said Bill Malkasian, WRA president. "Buyers were highly motivated last year to take advantage of the tax rebate and that urgency certainly influenced prices."
Last week the local Realtors unit, the Greater Milwaukee Association of Realtors, reported that average home prices in the four-county metro area had retreated to 2002-2003 levels, while sales were down 14.4% from March of 2010.
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