State of the Market — February 2014

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A letter from Joseph A. Horning, President of Shorewest, REALTORS®

2013 was a prosperous year for the real estate market in Wisconsin. I am proud to share that Shorewest, REALTORS® helped over 11,900 families buy and sell their homes.

Throughout the year, the nation saw strong growth in home sales, indicating that buyers are eager to start investing in new homes, thanks in part to the affordability maintained by record-low mortgage rates. There was robust growth in home sales throughout Wisconsin, where sales of existing homes for 2013 were 10.8% above the levels of 2012. In our market footprint in Wisconsin specifically, sales were up 11.75% over 2012. Home prices also increased throughout the year, ending 2013 up 7.2% over the previous year. Housing sales bottomed out in Wisconsin in 2011, but home values increasing over the past two years have helped stabilize the market. Another notable factor in the stability of the market was the dramatic decrease in foreclosures, dropping 31.9% from 2012 to 2013.

What can we expect for 2014? Expect to see price increases, home appreciation continuing at a historically healthy level and even more buyers and sellers who are confident in the economic strength of the housing market. There are even more buyers that are now ready to buy and sell this year, but once again the key to continued improvement will be maintaining enough quality homes for sale in Wisconsin.

Thank you for helping to make Shorewest Wisconsin’s Largest Home Seller™, a position we’ve held since 1951. We are proud to have served more families than any real estate company in Wisconsin in 2013 and we look forward to helping you 2014.

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Categories: Quarterly Newsletter

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