Home Sale Prices Rise in July 2017

July 2017 proved to be a demanding seller’s market. The actual number of homes sold this year compared to last year is less, but the median home price is higher. 

The  Wisconsin REALTORS® Association (WRA) said that the, “July sales of existing homes dropped for the second straight year, falling 5.0 percent compared to July 2016 and falling 7.5 percent relative to July 2015. Median prices in July increased 5.9 percent to $180,000 compared to July 2016, the highest recorded July price since the WRA recalibrated its data collection methodology in 2005. Home prices bottomed out in 2011 at $140,000 and have since steadily increased 28.5 percent.”

So we have less homes on the market, which is driving up the home prices. This tight inventory of homes for sale in Green Bay, WI is creating bidding wars. I can’t tell you how many bidding wars I’ve been in lately. It feels like it’s a blood bath with every offer my buyer clients and I submit. 

While this seems great that home values are continuously rising, the low inventory of houses on the market are incredibly frustrating.