Home and Condo Auctions Sold Fewer Units in February

There were fewer people who trekked to home and condo auctions and signed residential purchase agreements in Wisconsin in February of this year compared with the same period in 2010. Sales of residential properties went down, with prices also declining from year-ago levels. Analysts have stated however, that last year's sales figures were mostly inflated by government programs.

Despite the low prices of properties offered at foreclosed home auction in Green Bay and the abundance of cheap residential properties in various areas of Wisconsin, not a lot of buyers were lured into the market in February. For the whole state, the Wisconsin Realtors Association reported that sales went down by 5.5% compared with February 2010. Meanwhile, prices also took a tumble as February 2011 home prices dropped by 13.3% when compared with the same 2010 month.

Houses purchased from realtors and those sold at home auctions in Wisconsin had a median selling price of $117,000 during February of this year. Most housing market analysts are expecting further decreases in housing prices in the coming months as foreclosures continue to trickle into the market. In terms of regional performance, analysts reported that the biggest declines in sales and prices were recorded in the southeast markets of the state.

The report from the realtors association showed that house and condo auctions recorded even lower sales figures in the southeast than in any other regions of Wisconsin. A total of 937 housing units were sold in the southeastern region during the month, down by 8.8% compared with February 2010 when 1,027 residential units were sold. Median prices, on the other hand, were pegged at $124,900 in February 2011; down by 13.9% compared with year-ago levels.

However, realtors believe that the decline in the number of home shoppers and buyers at real estate foreclosure auctions had more to do with 2010 sales figures being artificially inflated by the U.S. federal government's tax incentive program. The program was in effect during February of last year which moved a lot of planned sales forward and provided a lot of cushion for sales figures during that time, thereby making 2011 sales numbers look smaller.

Although sales of residential properties declined in February, realtors are optimistic that house and condo auctions in Wisconsin will gain more buyers during the spring. They stated that sales traditionally pick up all over the country during this season, with most families having more time to house hunt because of the school break.

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