RACINE COUNTY – Housing prices continue to rise and selling times shorten, the latest numbers from Multiple Listing Service show.
MLS released its March housing sales figures on Friday, as well as quarterly data by municipality. Countywide, MLS reported 225 closed residential sales in March compared with 199 the previous March, a 13.1 percent increase. For the first quarter, 529 housing sales were made, a 6.7 percent increase over the 496 sales in last year’s first quarter.
Unsurprisingly, during the first quarter, the greatest number of homes were sold in the City of Racine, 207, followed by 89 in Caledonia, 85 in Mount Pleasant and 42 in the City of Burlington. The average selling prices in the first quarter for the county and those four municipalities were:
- Racine County — $181,702 compared with $163,532 in the first quarter of 2017 and $144,167 the year before.
- City of Racine — $108,368 compared with $93,673 last year and $83,913 in first quarter 2016.
- Caledonia — $224,419 compared with $222,585 last year and $185,374 in first quarter 2016.
- Mount Pleasant — $203,466 compared with $181,718 in first quarter 2017 and $173,978 the previous year.
- The average selling price in the City of Burlington was $219,406.
As the supply of good-quality homes for sale has been scant in relation to demand, homes have been selling faster. MLS tracks average days on the market, or DOM, as a measurement of buyer eagerness, and DOM has been plunging in most parts of the county.
For examples, countywide DOM has fallen from 95 in first quarter 2016 to 84 last year and 62 in this first quarter.
Racine’s DOM over the past three years matched the countywide decline, tumbling from 96, or about three months, in first quarter of 2016 to 63, or about two months, in this first quarter.
From January through March, the DOM figure for Caledonia was 58. In Mount Pleasant, it was 51, and in Burlington, 55. That was a startling drop of nearly half for Burlington from two years earlier, when it was 104.
Elmwood Park had just one home sold during the first quarter — in the amazing span of four days from listing to closing.