Home sales continue to uptick in Eau Claire

By: Olga Michail Email
By: Olga Michail Email

EAU CLAIRE, Wis (WEAU)--Higher gas prices, also means a boost in economic growth. Wisconsin has seen an 18 percent increase in home sales between January of 2013 and January of 2012.

The Realtors Association of Northwestern Wisconsin says uptick in home sales started in late November of 2011.That momentum carried over to January and February of this year.

An increase of the median price for homes and a lower number of housing foreclosures, are reasons for the fast turnaround in the boosting housing market.

"Increase in median price is obviously very positive for sellers. It shows that houses are selling; it shows that the market is strong. We all hope for a boom in the housing market, and we're getting it right now," said President-Elect of the Realtors Association of Northwestern Wisconsin, Krag Blomberg.

That is one of the reasons why Paul Canfield, a realtor by trade, decided to sell his own house in Eau Claire.

"The market has picked up. It seems from everything we've heard that things are getting busier; there is little more consumer confidence," said Canfield.

"We used to be a buyers' market and now we are trending into a sellers' market. It's kind of funny how fast that happens, and with home prices going up, it's obviously very good for sellers," said Blomberg.

Canfield can vouch for that. He says it usually takes about six months to get an offer. His house went much faster.

"It actually sold to the first person that looked at our house," said Canfield.

"Our inventory levels are very low, which is good thing for a housing market. Less time on the market for sellers is a very good thing; it creates a little bit of competition among buyers," said Blomberg.

"If you ask people right now, it seems like they can't find much to buy, us included. We're going to probably rent for a while, we don't know what we're going to buy yet, there doesn't seem to be much to pick from," said Canfield.

"Buyers have to understand that strong market like we're having right now, that's what happens,” said Blomberg.

“"We need more sellers to list their homes. Put your house up for sale, cause there are buyers that want to buy," said Canfield.

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