Home sales on the rise in Wisconsin

Published: Aug. 21, 2020 at 9:43 PM CDT
Email This Link
Share on Pinterest
Share on LinkedIn

EAU CLAIRE, Wis. (WEAU) - According to the Wisconsin Realtors Association, just fewer than 10,000 homes were sold in July.

The most in the state in July since at least 2005.

That trend also happening locally, with Eau Claire County and Chippewa County home sales up more than 20% compared to this time last year.

It's one of the biggest purchases you can make in your life, but it's happening more frequently nowadays.

Realtors Association of Northwestern Wisconsin Executive Vice President Brenda Barnhardt says it's a seller's market right now.

“The mortgage rates are extremely low right now, even though we’re still in a seller’s market. I think a 30 year mortgage is around 3 percent right now. So affordability wise, first time home buyers and stuff as they’re coming into the market their ability to stretch their funds further and purchase a house is awesome actually,” she explained.

Andrew Tarcon and his family are moving across Eau Claire.

He says his house sold less than three days after it was put on the market.

“Buying was a little tougher because we had to compete with other people. Selling it was really easy, we put the home on the market on Monday and I believe we got a handful of offers and we accepted an offer I believe Wednesday afternoon,” said Tarcon.

In July, 9,649 homes were sold across the state.

Home sales were up 95% in Rusk County, 46% in Sawyer County, and over 20% in both Eau Claire and Chippewa counties.

“I think what a housing boom tells the average person out there is that it gives confidence. I mean that’s one of the biggest purchases of your life so if people are going out there and the housing industry is rising and the stats are rising what that tells me as an individual is hey the economy must be stabilizing a little bit, it gives me security,” said Barnhardt.

Barnhardt says with the unemployment numbers starting to drop and more people looking for stability, it's a perfect storm for the market.

The increase is a stark difference from the beginning of the pandemic.

In April, home sales dropped by nearly 18%, that was the largest single month decline in a decade.

Compared to this time last year though, home sales are up nearly 9%.

Copyright 2020 WEAU. All rights reserved.