February 10, 2009 – Sales were down 32.2% in January compared to a year ago, according to housing statistics released by Metro MLS, Inc. today.
The tough sales figures were not unexpected given the hard Wisconsin winter weather we experienced in December and January; and the tumultuous economic news we are hearing about each day.
While we still believe that the market in southeastern Wisconsin has put the majority of the housing correction behind it – faring much better than most other markets in the nation. What we are experiencing now is a market that has plateaued at a more affordable level, but will experience slight ups and downs until the overall economy recovers.
On the listing side, January was the 18th straight month in which listings were down compared to the previous year, down 32.1% compared to January 2007 – an important part of the correction of the market overall.
Brokers are reporting that they are fielding more calls and showing homes to a greater degree since the first of the year, especially among first-time buyers.
Regarding what the future holds, there are several questions on the horizon. What will the stimulus package do for housing? How will the next stages of the recession impact the overall economy?
REALTORS® are holding out hope that the $15,000 tax credit for home buyers will be part of the final stimulus package, believing that it will spur many buyers to get into the market and help bring the recession to an end.
In these confusing times, consumers should remember to “Start With A REALTOR®” before consulting with a lender or other housing professional.