December 2023 Home Sales Press Release
Posted: 01.1.24
*****News Release*****
Mortgage rates see improvements
Eau Claire, WI – Mortgage rates have seen improvements for the second straight month, with the December’s rate at 6.82%. Even though the average 30-year fixed-rate mortgage is about a half percent higher than December 2022, the rate was at 7.62 in October 2023 and 7.44% in November 2023. December’s months of inventory is still below the 6-month benchmark for a balanced market, it is up 25% over December 2022 at 2.5 months of inventory. The limited supply has impacted December sales, down 6.2% compared to December 2022. However, the fourth quarter did outperform all other quarters in 2023 with sales just 4.3% below 2022 fourth quarter, while the first three quarters of 2023 fell 21.1% compared to the same period in 2022.
- Total statewide listings increased 0.9% in December 2023 compared to December 2022 (13,285 listings in December 2023 compared to 13,167 in December 2022)
- Statewide new listings increased 6.3% in December 2023 compared to December 2022 (3,083 in December 2023 compared to 2,899 in December 2022)
- Median home price increased from $251,000 in December 2022 to $271,000 in December 2023 (8.0% increase)
Western Wisconsin is following the trend of the state with 2.6 months of inventory for December 2023, up from 2.1 months in December 2022. Year-to-date, Western Wisconsin is also in line with the state median price at $280,000, which is up 7.5% from December 2022. Notably, Eau Claire County’s year-to-date median price is slightly higher at $290,000, a 4.5% increase.
- Western Wisconsin home sales decrease 13.1% from December 2022 to December 2023 (from 497 to 432 sales)
- Eau Claire County home sales decrease from 109 sales in December 2022 to 75 sales in December 2023 (31.2% decrease)
- Western Wisconsin average days on the market decrease to 74 days in December 2023 from 87 days in December 2022 (decrease of 14.9%)
“Not only were our buyers and sellers excited to see the mortgage rates see some relief, so were we,” shares Todd Schwartz, President of the REALTORS® Association of Northwestern Wisconsin. “Inventory continues to be the biggest issue, however, we still have homes going up for sale and typically in the winter months, sellers are motivated.”
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If you’d like local commentary on these statistics, or the housing market in general, local real estate professionals are available for interview. Please reach out.
Media Contact:
Brenda Barnhardt
(715) 835-0923
brenda@ranww.org
Whitney Girolamo
(715) 835-0923
whitney@ranww.org
The REALTORS® Association of Northwestern Wisconsin is the professional trade association that all the professional REALTORS® residing within the association jurisdiction belong to. The association provides educational opportunities for its members, is active in local, state, and national advocacy efforts, engages in community outreach through charitable giving, operates its own foundation to help homeowners in need, and remains a positive force for the members they serve.
For more information on the REALTORS® Association of Northwestern Wisconsin, visit www.ranww.org.
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