Date: 6/20/2011 For Release: Immediately For More Information Contact: Bill Malkasian, WRA President, 608-345-9004, wem@wra.org or David Clark, Economist, C3 Statistical Solutions and Professor of Economics, Marquette University, 414-803-6537, dclark@c3stats.com Both Home and s Fall in May MADISON, WI As expected, Wisconsin existing home sales in May were below the sales figures recorded in May of 2010 according to data released by the Wisconsin REALTORS Association (WRA). Compared to May of last year, sales of existing homes fell 22.6 percent and the statewide median sale price was down 5.2 percent to $136,700. in the first half of this year are expected to be lower than last year because of the impact of the federal homebuyer tax rebate program, said John Horning, Chairman of the WRA Board of Directors. That program front-loaded sales last year because buyers had to close their homes by the end of June 2010 to qualify for the tax break, said Horning. Year-to-date through May, Wisconsin sales fell 17.7 percent compared to 2010. It s going to be several months before we can reliably use monthly sales data to reflect market conditions, said Horning. While predicting June sales figures would also be well off the June 2010 pace, Horning said, July and August should show the opposite effect and a much stronger market this year, but again that will result from the expiration of the federal program last year. Horning added recent increases in new property listings suggests sellers are now beginning to re-enter the market. In regional markets across the state, four of the six regions (i.e., southeast, south central, northeast and west regions) saw their sales volume drop between 21.2 percent and 26.1 percent over the May 2010 to May 2011 period. in the central region fell 36 percent. In contrast, the north region, which has a solid mix of primary and second homes, was down 7.2 percent over the period. Median prices statewide were down 5.2 percent in May 2011 compared to May 2010. The north and the central regions of the state actually saw their median prices increase between 2.6 percent and 4.2 percent over the period, and they were essentially unchanged in northeast and the west regions. The south central region prices fell 3 percent, and the more urbanized southeast region prices dropped 11.1 percent over the course of the year. Local price data is difficult to interpret given the distortions introduced in last year s tax rebate programs, said WRA President Bill Malkasian. He noted that double-digit swings, up or down, are not uncommon at the county level. This is driven by the shift in the mix of homes selling in these areas between last year and this year, said Malkasian. The good news is that statewide, housing affordability remains high, driven by moderating prices and interest rates in the 4.6 percent range, Malkasian said. The Wisconsin REALTORS Housing Affordability Index measures the percent of the median-priced home that a buyer with the statewide median family income can buy, and stood at 221 in May which is up from 203 a year ago. For buyers with solid credit, this is an excellent time to get more value for your money, said Malkasian who noted that affordability has dropped slightly in the last couple months. It won t be surprising to see this trend continue as the state economy strengthens, he added. Wisconsin has added nearly 25 thousand new jobs since January 2011 and as a result, the Wisconsin unemployment rate fell to a seasonally-adjusted 7.3 percent in April. The Wisconsin REALTORS Association is one of the largest trade associations in the state, representing over 13,400 real estate brokers, sales people and affiliates statewide. All county figures on sales volume and median prices are compiled by the Wisconsin REALTORS Association and are not seasonally adjusted. Median prices are only computed if the county recorded at least 10 home sales in the month. All data collected by Wisconsin REALTORS Association are subject to revision if more complete data become available. Beginning in 2010, all historical sales volume and median price data at the county level have been re-benchmarked using the Techmark system which accesses MLS data directly and in real time. The Wisconsin Housing Affordability Index is updated monthly with the most recent data on median housing prices, mortgage rates, and estimated median family income data for Wisconsin.
Wisconsin Monthly Housing Statistics Report - May 2011 Provided by the Wisconsin REALTORS Association Report Criteria: Reflecting data through: May 2011 State: WI Type: Residential Wisconsin - Statewide Wisconsin 5/2010 5/2011 % Change YTD 2010 YTD 2011 YTD % Change New Listings 11,038 11,982 +8.6% 62,458 51,071-18.2% Closed 6,311 4,885-22.6% 22,304 18,357-17.7% Median Price 144,200 136,700-5.2% 138,500 127,000-8.3% Months Supply of Inventory 14.0 17.4 +24.3% Inventory of Homes for Sale 69,687 68,583-1.6% Inventory of homes for sale includes residential single family, duplex, condo, and townhouse properties. Current Month Year-to-date Historical Activity New Listings Sold Listings Median Price Inventory and Affordability The information used to create the May 2011 Housing Trends report was current as of 6/13/2011 11:19:00 AM. The information is subject to change due to the dynamic nature of the WRA's housing statistics system, which is updated daily based on information present in local participating MLS (multiple listing service) systems. Wisconsin REALTORS Association 608-241-2047 Page 1
Wisconsin Regional Report Provided by the Wisconsin REALTORS Association Southeast Kenosha 124,000 136,000-8.8% 137 165-17.0% Southeast Milwaukee 110,100 138,000-20.2% 688 926-25.7% Southeast Ozaukee 214,750 219,000-1.9% 92 93-1.1% Southeast Racine 94,900 129,950-27.0% 181 170 +6.5% Southeast Sheboygan 100,500 114,900-12.5% 84 121-30.6% Southeast Walworth 137,450 167,900-18.1% 114 128-10.9% Southeast Washington 168,600 190,000-11.3% 100 157-36.3% Southeast Waukesha 216,500 224,480-3.6% 350 449-22.0% Southeast Regional Total 143,950 162,000-11.1% 1,741 2,209-21.2% Milwaukee Milwaukee 110,100 138,000-20.2% 688 926-25.7% Milwaukee Ozaukee 214,750 219,000-1.9% 92 93-1.1% Milwaukee Washington 168,600 190,000-11.3% 100 157-36.3% Milwaukee Waukesha 216,500 224,480-3.6% 350 449-22.0% Milwaukee Regional Total 156,000 170,000-8.2% 1,229 1,625-24.4% South Central Columbia 135,000 163,000-17.2% 49 57-14.0% South Central Crawford 93,500 NA NA 12 7 +71.4% South Central Dane 212,000 200,000 +6.0% 509 710-28.3% South Central Dodge 93,500 120,000-22.1% 87 106-17.9% South Central Grant 83,000 121,000-31.4% 25 31-19.4% South Central Green 117,500 133,750-12.1% 36 40-10.0% South Central Iowa 115,000 139,000-17.3% 23 12 +91.7% South Central Jefferson 150,000 160,000-6.2% 106 100 +6.0% South Central Lafayette NA 116,000 NA 5 10-50.0% South Central Richland NA 82,750 NA 8 24-66.7% South Central Rock 89,000 109,900-19.0% 148 213-30.5% South Central Sauk 111,500 150,000-25.7% 62 55 +12.7% South Central Regional Total 160,000 165,000-3.0% 1,029 1,365-24.6% Page 2
West Buffalo 103,500 NA NA 14 3 +366.7% West Chippewa 125,000 130,000-3.8% 59 96-38.5% West Dunn 115,000 130,000-11.5% 47 51-7.8% West Eau Claire 131,000 130,400 +0.5% 135 155-12.9% West Jackson 137,500 90,000 +52.8% 17 13 +30.8% West La Crosse 138,500 128,000 +8.2% 92 151-39.1% West Monroe 116,000 125,000-7.2% 34 45-24.4% West Pepin NA 93,000 NA 4 17-76.5% West Pierce 125,000 155,000-19.4% 46 50-8.0% West St. Croix 147,750 163,000-9.4% 72 101-28.7% West Trempealeau 90,000 96,000-6.2% 15 31-51.6% West Vernon NA 130,000 NA 9 19-52.6% West Regional Total 130,000 130,000 0% 541 732-26.1% Northeast Brown 139,200 139,850-0.5% 214 274-21.9% Northeast Calumet 140,900 162,250-13.2% 35 44-20.5% Northeast Door 185,000 188,000-1.6% 41 41 0% Northeast Fond du Lac 127,750 109,950 +16.2% 76 96-20.8% Northeast Green Lake NA 96,500 NA 8 13-38.5% Northeast Kewaunee 85,000 109,500-22.4% 10 14-28.6% Northeast Manitowoc 91,250 100,500-9.2% 60 82-26.8% Northeast Marinette 126,000 69,000 +82.6% 20 43-53.5% Northeast Menominee NA NA NA 1 1 0% Northeast Oconto 50,000 106,150-52.9% 25 44-43.2% Northeast Outagamie 123,000 128,500-4.3% 149 189-21.2% Northeast Shawano 95,000 95,000 0% 22 37-40.5% Northeast Waupaca 79,900 103,500-22.8% 39 41-4.9% Northeast Winnebago 123,900 114,500 +8.2% 125 147-15.0% Northeast Regional Total 124,900 125,000-0.1% 815 1,065-23.5% Central Adams 114,000 91,500 +24.6% 19 38-50.0% Central Clark 62,250 74,950-16.9% 18 18 0% Central Juneau 108,800 141,000-22.8% 14 37-62.2% Central Marathon 125,000 125,000 0% 91 130-30.0% Central Marquette 110,850 80,000 +38.6% 10 15-33.3% Central Portage 130,950 127,400 +2.8% 48 57-15.8% Central Waushara 75,000 128,750-41.7% 21 34-38.2% Central Wood 84,000 97,750-14.1% 49 90-45.6% Central Regional Total 112,900 110,000 +2.6% 268 419-36.0% Page 3
North Ashland 84,750 94,950-10.7% 18 12 +50.0% North Barron 135,000 93,450 +44.5% 59 60-1.7% North Bayfield 162,000 122,000 +32.8% 19 29-34.5% North Burnett 140,900 193,500-27.2% 59 35 +68.6% North Douglas 120,000 107,500 +11.6% 38 53-28.3% North Florence NA NA NA NA 2 NA North Forest 123,500 NA NA 10 6 +66.7% North Iron NA NA NA 3 2 +50.0% North Langlade 38,620 93,650-58.8% 10 19-47.4% North Lincoln 139,000 124,125 +12.0% 24 36-33.3% North Oneida 133,950 112,000 +19.6% 48 48 0% North Polk 97,000 134,000-27.6% 56 57-1.8% North Price 65,800 96,950-32.1% 17 18-5.6% North Rusk NA 56,000 NA 6 17-64.7% North Sawyer 255,000 159,900 +59.5% 24 32-25.0% North Taylor 69,500 115,000-39.6% 10 11-9.1% North Vilas 166,500 132,000 +26.1% 36 30 +20.0% North Washburn 125,000 143,000-12.6% 40 47-14.9% North Regional Total 125,000 120,000 +4.2% 477 514-7.2% Statewide Statewide 5/2011 5/2010 % Change 5/2011 5/2010 % Change 136,700 144,200-5.2% 4,885 6,311-22.6% Wisconsin REALTORS Association 608-241-2047 Page 4
Wisconsin Regional Report Provided by the Wisconsin REALTORS Association Southeast Kenosha 115,950 131,550-11.9% 570 656-13.1% Southeast Milwaukee 98,900 128,500-23.0% 2,784 3,471-19.8% Southeast Ozaukee 225,000 207,500 +8.4% 281 332-15.4% Southeast Racine 103,000 128,000-19.5% 649 712-8.8% Southeast Sheboygan 102,500 118,400-13.4% 343 392-12.5% Southeast Walworth 134,000 162,000-17.3% 422 409 +3.2% Southeast Washington 174,250 185,000-5.8% 362 491-26.3% Southeast Waukesha 215,500 223,500-3.6% 1,248 1,463-14.7% Southeast Regional Total 135,000 154,000-12.3% 6,654 7,930-16.1% Milwaukee Milwaukee 98,900 128,500-23.0% 2,784 3,471-19.8% Milwaukee Ozaukee 225,000 207,500 +8.4% 281 332-15.4% Milwaukee Washington 174,250 185,000-5.8% 362 491-26.3% Milwaukee Waukesha 215,500 223,500-3.6% 1,248 1,463-14.7% Milwaukee Regional Total 146,000 162,000-9.9% 4,674 5,761-18.9% South Central Columbia 121,000 143,900-15.9% 186 219-15.1% South Central Crawford 89,000 115,000-22.6% 44 33 +33.3% South Central Dane 203,912 198,950 +2.5% 1,730 2,234-22.6% South Central Dodge 99,900 111,000-10.0% 315 358-12.0% South Central Grant 79,900 105,450-24.2% 99 106-6.6% South Central Green 110,000 126,000-12.7% 152 143 +6.3% South Central Iowa 102,000 127,300-19.9% 65 72-9.7% South Central Jefferson 143,300 152,000-5.7% 321 360-10.8% South Central Lafayette 86,000 85,250 +0.9% 34 36-5.6% South Central Richland 99,950 82,700 +20.9% 38 58-34.5% South Central Rock 87,550 105,900-17.3% 580 737-21.3% South Central Sauk 124,900 142,000-12.0% 231 212 +9.0% South Central Regional Total 152,000 159,900-4.9% 3,753 4,588-18.2% Page 5
West Buffalo 95,000 91,500 +3.8% 38 38 0% West Chippewa 114,200 114,500-0.3% 231 305-24.3% West Dunn 112,500 126,500-11.1% 163 171-4.7% West Eau Claire 122,000 127,500-4.3% 391 579-32.5% West Jackson 74,625 97,500-23.5% 46 54-14.8% West La Crosse 133,850 137,250-2.5% 324 486-33.3% West Monroe 115,000 114,000 +0.9% 131 198-33.8% West Pepin 64,000 105,000-39.0% 25 41-39.0% West Pierce 138,000 149,900-7.9% 137 183-25.1% West St. Croix 137,250 166,000-17.3% 354 417-15.1% West Trempealeau 90,000 107,000-15.9% 51 93-45.2% West Vernon 82,000 107,000-23.4% 49 53-7.5% West Regional Total 124,000 130,000-4.6% 1,936 2,621-26.1% Northeast Brown 131,750 135,950-3.1% 756 986-23.3% Northeast Calumet 131,000 149,900-12.6% 127 161-21.1% Northeast Door 164,800 188,000-12.3% 145 119 +21.8% Northeast Fond du Lac 102,900 113,700-9.5% 284 310-8.4% Northeast Green Lake 71,000 88,000-19.3% 34 47-27.7% Northeast Kewaunee 96,950 89,950 +7.8% 48 56-14.3% Northeast Manitowoc 76,500 90,000-15.0% 213 271-21.4% Northeast Marinette 69,750 76,000-8.2% 132 136-2.9% Northeast Menominee NA NA NA 4 4 0% Northeast Oconto 83,225 89,895-7.4% 138 186-25.8% Northeast Outagamie 123,500 127,500-3.1% 515 664-22.4% Northeast Shawano 75,950 85,000-10.6% 108 130-16.9% Northeast Waupaca 79,000 92,000-14.1% 158 166-4.8% Northeast Winnebago 114,900 120,450-4.6% 509 648-21.5% Northeast Regional Total 114,000 122,000-6.6% 3,155 3,893-19.0% Central Adams 75,000 85,000-11.8% 98 137-28.5% Central Clark 65,000 74,900-13.2% 67 62 +8.1% Central Juneau 75,000 86,000-12.8% 73 107-31.8% Central Marathon 114,900 120,000-4.2% 377 453-16.8% Central Marquette 97,000 78,250 +24.0% 59 56 +5.4% Central Portage 134,300 130,000 +3.3% 159 196-18.9% Central Waushara 77,200 103,000-25.0% 68 93-26.9% Central Wood 77,500 98,500-21.3% 199 305-34.8% Central Regional Total 101,000 108,000-6.5% 1,098 1,414-22.3% Page 6
North Ashland 79,500 90,000-11.7% 54 51 +5.9% North Barron 107,500 98,950 +8.6% 222 278-20.1% North Bayfield 122,500 112,250 +9.1% 64 70-8.6% North Burnett 115,000 133,450-13.8% 164 142 +15.5% North Douglas 112,250 98,400 +14.1% 144 178-19.1% North Florence NA NA NA 4 3 +33.3% North Forest 81,500 80,000 +1.9% 32 31 +3.2% North Iron 100,000 125,000-20.0% 21 11 +90.9% North Langlade 67,700 76,000-10.9% 77 73 +5.5% North Lincoln 80,000 95,000-15.8% 87 108-19.4% North Oneida 117,500 132,500-11.3% 155 174-10.9% North Polk 94,000 102,050-7.9% 206 228-9.6% North Price 87,500 94,000-6.9% 58 49 +18.4% North Rusk 120,000 74,500 +61.1% 34 52-34.6% North Sawyer 221,250 160,000 +38.3% 82 98-16.3% North Taylor 86,000 97,500-11.8% 40 50-20.0% North Vilas 148,000 159,900-7.4% 123 115 +7.0% North Washburn 110,000 118,900-7.5% 135 122 +10.7% North Regional Total 105,000 107,000-1.9% 1,702 1,833-7.1% Statewide Statewide YTD 2011 YTD 2010 % Change YTD 2011 YTD 2010 % Change 127,000 138,500-8.3% 18,357 22,304-17.7% Wisconsin REALTORS Association 608-241-2047 Page 7