Snapshot Wisconsin: Winter's chill slows first-quarter home sales

A cool economy and a colder winter hurt first-quarter home sales, according to the Wisconsin Realtors Association.

Home prices dropped 3.1 percent in Wisconsin in the first quarter, compared to the same period in 2007. The number of home sales, however, dropped 24.1 percent from 2007 to 2008.

First-quarter real estate statistics

Median price Number of sales
County 2008 2007 Change 2008 2007 Change
Brown $136,700 $144,000 -5.1% 410 586 -30%
Calumet $150,000 $154,700 -3% 73 95 -23.2%
Door $174,000 $228,100 -23.7% 53 75 -29.3%
Fond du Lac $112,600 $120,000 -6.2% 153 174 -12.1%
Green Lake $95,000 $108,600 -12.5% 49 59 -16.9%
Kewaunee $96,400 $117,100 -17.7% 22 21 4.8%
Manitowoc $92,500 $92,000 0.5% 132 168 -21.4%
Marinette $76,400 $70,000 9.1% 58 92 -37.0%
Menominee NA NA NA 3 3 0%
Oconto $95,000 $132,000 -28% 57 84 -32.1%
Outagamie $131,400 $128,600 2.2% 296 401 -26.2%
Shawano $85,000 $95,800 -11.3% 48 69 -30.4%
Waupaca $95,600 $92,200 3.7% 84 99 -15.2%
Winnebago $120,000 $127,100 -5.6% 278 343 -19%
Regional total $123,100 $127,700 -3.6% 1,716 2,269 -24.4%
Source: Wisconsin Realtors Association

January 2008 Wisconsin Foreclosure Stats

According to recently released data compiled by ForeclosuresWI.com, a provider of Wisconsin foreclosure resources and statistics, there were a record 2,443 Wisconsin homes entering foreclosure in January, nearly 45 percent more than in the same month a year ago.

Over the last three years, foreclosures have risen more than 70 percent, to 20,995 in 2007 compared with 12,311 in 2005.

Milwaukee County leads the way with 616 in January 08 vs 410 in January 07.

Wisconsin 26th in January Foreclosures

Wisconsin ranked 26 in RealtyTrac's January 2008 Foreclosure Report. With 565 Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a banks). Eleven states are responsible for 80% of the January foreclosures with California, Texas, Ohio & Florida leading the way.

Comparatively speaking Wisconsin's numbers are a drop in the bucket, when considering those of California & Florida.

As I've speculated, this crisis is less detrimental to the housing market here in Wisconsin than in other parts of the country. If we can weather the current shower of Foreclosures, I think the real estate market will be at least satisfactory in Wisconsin before it is in many other areas of the country.

Mortgage Crisis Won't Affect WI as Much as Other States