In todays WALL STREET JOURNAL the article Housing Imperils Recovery states that nationally home prices have sunk to 2002 levels "effectively wiping out almost a decade's worth of home equity across the U.S. and imperiling the fragile economic recovery as Americans confront the falling value of their biggest investment"
Whenever reports come out about national housing trends, I research Kenosha housing trends to see if we are in fact moving with the rest of the country and at the same rate. Often times when I meet with sellers and talk about national housing trends, I find that they are living in denial, and use excuses such as... "those are the national trends, things are different in every market".
I figure that is a fair enough rebuttal, so here are some statistics about the City of Kenosha and the entire County of Kenosha real estate price trends:
In 2002 the average sale price for a Single Family home in the City of Kenosha was $131,523 and the average home price for Kenosha County was $153,993. The chart above shows that those prices trended upward and peaked between 2006 and 2007. Since 2007 prices have trended downward, and the patterns have not "formed a bottom" yet. This years YTD averages are at $152,957 for the entire county and $124,476 for the City of Kenosha, which are LOWER than 2002 already.
What does this mean for homeowners in the Kenosha Area that need to sell? If you are in a position where you want to sell or NEED to sell, the time to get your home on the market is now, and you MUST price your property based on the current downward trend lines and average days on market or you will end up with a home on the market for longer, and ultimately cost yourself thousands of dollars.
Until the market has actually bottomed out and started to change direction for a long enough period of time to create a patters, time is not on your side.
Many clients ask me: When will the market turn? The truth is that nobody can predict the future, but we can forecast based on trends, and the trends show that the market will not turn for 2-3 additional years or in 2014.
As a seller this may be a difficult time, but as a potential buyer, there has never been a better time to find a deal on a home or investment property. The data below shows a table of statistics from the Multiple Listing Service showing the date used for our charts.
If you are interested in finding out what your home is worth with no hassle. Feel free to use our free online Kenosha Home Value Tool. Of course if you are interested in seeing what is available on the market today our home search site shows ALL properties for sale in Southeastern Wisconsin and is a great resource to search Kenosha Homes for Sale including zeroing in on Foreclosure or Short Sale properties.
Ralph D. Nudi