April home sales weakened compared to sales in the same month last year. But what does this all mean?
Well, the number of closed home sales did drop about 10.7%. Buuuuuut, because of this it median prices up to $171,000, which is a 6.9% increase over April of 2016. Inventory levels of single family homes have consistently dropped over the past year and with just 5.3 months of supply for Wisconsin statewide – it’s a SELLERS MARKET.
Definitely pro’s and con’s no matter which way you look at it. It’s great that home prices are increasing, but at the same time they’re increasing over typical inflation rate because there’s such a low inventory of homes for sale on the market.
These low inventories for homes for sale are pretty much across the United States, not just in Wisconsin. What are buyers doing to get an “edge” over other buyers competing against them? GET PRE-APPROVED AND GET A BUYER’S AGENT.