Strong December in Manitowoc County and the State for Home Sales

Existing Home Sales and the Median Price increased by double-digits last month in both Manitowoc County and the State.  Sales in December rose by over 36% in Manitowoc County….from the same month a year ago…to 75, compared to 55 for December 2018.  The median price during that same time went up 13.6%….from $110,000 to $125,000.  The average days a property was on the market was also reduced by nearly 7%, at 105…down to 98.  For 2019…Sales locally increased by almost 2%…from 1,003 to 1,020…while the Median Price in that time frame rose 10% to $121,000.  According to the Wisconsin Realtors Association, Home Sales statewide went up by nearly 15% and Median Prices rose 10%….in December, when compared to the same month in 2018.  W-R-A President & CEO Michael Theo said, “Moving into a new decade, the U.S. economy continues to grow and it looks like the trade wars are finally winding down.  He says, “tight supply (is) fueling the growth in home prices.”  Theo adds…the silver lining has been the significant reduction in mortgage rates over the last year, which has served to keep Wisconsin housing affordable.