Housing "crisis" to spare Wisconsin
According to a report released by the U.S. conference of mayors, the fallout from the mortgage crisis will be minimal in Wisconsin. In 2008, the (national) economy will grow at a rate of 1.9%; however, the economies of Wisconsin cities are expected to grow between 2.3% and 3.4%. The result is better in Wisconsin because area prices and mortgage values did not climb as much or as rapidly as in other parts of the country.
According to the report, house prices will remain stable, if not increase slightly, in Wisconsin. Nationally, home prices will fall 7% in 2008, the report says. The prediction tracks with a report last week from the Wisconsin Realtors Association. That report found that in the third quarter, home prices rose 2.4% statewide to a median of $170,000, compared with $166,000 a year earlier.
The National Association of Realtors also came out with a report stating the existing home sales are to increase in 2008 as well. Home prices are also expected to climb throughout 2008.
As for the remainder of 2007, predictions are that December will have more home sales then November, with prices remaining steady.
As for your Lake Views Hill neighborhood, market statistics are showing the following:
Residential Homes Sales
Active Listings: 63
0 homes under contract
Average Asking Price: $228,703
Average Price per Square Foot: $140
List Price Range: $999,900 (high) to $137,000 (low)
7 Pending Sale averaging $182014
November 2007 Sales: 3 Sales
Average List Price: $169,333
Average Sold Price: $158,000
Average List Price per Square Foot: $105
Average Sold Price per Square Foot: $97
Sold Price Range: $213,000 (high) to $102,000 (low)
Average days on market: 51
Active Listings: 44
1 condo under contract
Average Asking Price: $185,443
Average Price per Square Foot: $112
List Price Range: $399,900 (high) to $105,000 (low)
1 Pending Sale at $218,900
November 2007 Sales: 1 Sales
Average List Price: $219,900
Average Sold Price: $210,000
Average List Price per Square Foot: $131
Average Sold Price per Square Foot: $125
Average days on market: 95
* All information obtained through the SCWMLS courtesy of Mindy Allen, Keller Williams Realty.