The Milwaukee Post

January 23, 2015 • Milwaukee County Post • 7 By DWAYNE BUTLER Post Editor MILWAUKEE — Real estate data released by the Wisconsin Realtors Association shows the state housing market had a strong finish to 2014. December home sales were 2.1 percent higher compared with December 2013, according to the WRA on Monday. Median home prices were 4.3 percent higher to $145,000 over the same time frame. Overall, the WRA reported that 2014 home sales finished just 1.5 percent behind 2013. However, median prices were higher in 2014, up 3.1 percent to an annual statewide rate of $148,000. "Despite a slow start due to harsh winter weather early in the year, 2014 rebounded nicely and ended with an excellent December and a very good final quarter of the year," said Dan Kruse, WRA board chairman. Michael Theo, president and CEO of the WRA, was encouraged by the strong fourth quarter, its best since 2005, he said, which was prior to the start of the Great Recession. "A 3.1 percent price increase over the year is good news. For three years in a row, home prices have kept pace with inflation without seriously impacting housing affordability," said Theo, noting the annual rate of inflation throughout 2014 ranged between 1 and 2 per- cent. "This is a sustainable growth pattern." Meanwhile, median home prices continue to rise. David Clark, a professor of economics at Marquette University, told an audience in Brookfield last week that prices are up nationally by 5 percent. In Wisconsin, home prices have not returned to pre-recession lev- els, but they have made up considerable ground since the first quarter of 2012; they are up in 33 of the last 34 months. By contrast, the average median-priced home in 2007 stood at $162,400, according to the WRA. That figure fell by nearly 19 per- cent to $131,800 in 2011, it added. "When you consider that prices in 2007 were likely inflated as a result of looser lend- ing practices, we are probably much closer to a normal price today given current lending standards," Theo said. Overall, Theo said "the market is finally getting back to normal in a number of ways." He said the first indicator was the drop in foreclosures, which were down 26.5 percent in 2014 when compared with 2013, and are essentially at pre-recession levels for the first time since the recession began, according to the WRA. All told, the state had 11,439 foreclosures in 2014. "While the availability of foreclosed homes presents buyers with opportunities, they (foreclosures) can be toxic for neighbor- hoods, so it's good to see them back to normal levels," Theo said. Another reason for normalcy in the mar- ket is that statewide inventory levels are rel- atively stable and have been since 2012. In December, 7.5 months of supply was avail- able, which is essentially a balanced statewide market, according to the WRA. Finally, the WRA says the labor market continues to improve with the unemploy- ment rate falling to 5.2 percent in November even as the labor force has been steadily growing. The WRA is optimistic about the housing market in 2015. Working for the market are low interest rates, low expected inflation because of falling energy prices, high afford- ability in housing and a growing economy. On the other hand, it's likely mortgage rates will increase, weighing down the affordability slightly. "The feds have already signaled the possi- bility of raising short-term rates as the econ- omy continues to grow, and this eventually will mean higher mortgage rates," Theo said. www.wra.org State housing market finishes 2014 strong December home sales 2.1% higher; median prices up At a glance ■ The number of state new listings in 2014 (115,242) was only slightly behind the number in 2013 (115,318). ■ The number of closed sales dipped by 1.5 per- cent (68,661) in 2014. ■ The median sales price of $148,000 in 2014 was 3.1 percent higher than $143,500 in 2013. ■ The Northeast and North were the only state regions to post increases in home sales.The Milwaukee region, which includes Milwaukee, Ozaukee,Washington and Waukesha counties, was behind 2.8 percent in 2014 with 17,571 homes sold. ■ The average Milwaukee region price in 2014 was $170,000, a 4.3 percent increase over 2013. Source:The Wisconsin Realtors Association We will MEET or BEAT any advertised price! Coupon items and soda specials excluded. "MR" means Mail-In Rebate. 933 W. OKLAHOMA MON-SAT: 9am-9pm, SUN: 10am-5pm 933 W. OKLAHOMA MON-SAT: 9am-9pm, SUN: 10am-5pm 9th & Oklahoma So bring in those ads! Lump Charcoal 17.6 lb $10.69 241736238 Full Service Liquor Store with Carryout Service Home of the Lucky Lotto $1,000,000 & $50,000 Winner! Oklahoma Liquor • 9th & Oklahoma 744-2444 Whole Sale Beer & Soda to Taverns & Businesses. WE DELIVER! DOMESTIC BEER BRANDY 1.75L VODKA 1.75L WHISKEY 1.75L GIN 1.75L TEQUILA 1.75L New Glarus Spotted Cow & Sampler Pack 12pk $ 14.99 Wisconsin Brewing NEW Old Reliable 6pk btls $ 7.99 Coronita 24pk 7oz $ 15.99 Blue Moon 24pk 7oz $ 15.99 Sprecher Amber 12 pk. cans $ 12.99 Hinterland Packerland 6 pk $ 8.99 Buy 2 Get FREE Glass MICRO BREW & IMPORTED BEER SALE A World of Wine Savings Labatts 30pk $ 17.99 Heineken 24pk 7oz $ 15.99 Wisconsin Brewing 12pk cans Asst'd Varieties $ 9.99 oklahoma-liquor.com Grey Goose/Ciroc Regular, Berry ................$49.99 Ketel One .............................................$37.99 Absolut.................................................$29.99 Skyy Vodka ...........................................$20.99 Pinnacle .................................................$15.99 Smirnoff $19.99 -$5MR ..................................$14.99 Sobieski Vodka $16.99 -$5MR.........................$11.99 UV $14.49 -$3MR .........................................$11.49 Three Olives 750ML $15.99 -$5MR ................$10.99 Fleischmann's $11.49 -$2MR ($5 on 2) ...................$9.49 Seagram's Vodka $15.99 -$6MR/$15MR on 2..........$9.99 Taaka .....................................................$9.99 Burnett's $11.99 -$5MR ...................................$6.99 Pearl $14.99 -$8MR ........................................$6.99 Polish Krakus, Petergorf 750ML....................$5.99 Hennessy ..............................................$65.99 Korbel, XS ............................................$19.69 Coronet VSQ Save $5 on 2!............................$16.49 Paul Masson ..........................................$15.99 J. Bavet Save $5 on 2!...................................$14.69 Christian Bros $15.99 -$2MR ..........................$13.99 Mr. Boston ...........................................$13.99 Jaquins ...................................................$11.99 California Crest, Petri ................................$11.49 Mt. Gay ...............................................$29.99 Appleton Rum .......................................$24.99 Sailor Jerry............................................ $22.99 Malibu...................................................$21.99 Capt. Morgan Spiced $22.99-$5MR .............$17.99 Cruzan ..................................................$17.99 Don Q ..................................................$15.99 Bacardi $19.99-$5MR...................................$14.99 Admiral Nelson $13.99 - $5MR .......................$8.99 Bombay Sapphire ...................................$37.99 Beefeaters ..............................................$32.99 Tanqueray $29.99-$4MR............................$25.99 Seagram's ...............................................$16.99 New Amsterdam $17.99 -$5MR .....................$12.99 Fleischmann's $13.49-$2MR ($5 on 2) ...............$11.49 Aristocrat ................................................$11.99 Chivas Regal ..........................................$63.99 Dewar's Scotch ......................................$42.99 Jameson Irish, Jack Daniel's .....................$39.99 Crown Royal..........................................$39.99 Jim Beam ..............................................$27.99 Southern Comfort .....................................$23.99 Mount Royal Light .................................$20.99 Seagram's VO ........................................$19.99 Early Times..............................................$18.99 Seagram's 7 ............................................$17.99 Canadian Club .......................................$17.99 Canadian Mist ........................................$16.99 Kessler ...................................................$13.99 Lord Calvert ...........................................$13.69 Rich & Rare $13.99 -$2MR ..............................$11.99 Old Thompson........................................$11.49 RUM 1.75L Patron Silver...NEW PRICE.............................$72.99 Cazadores .............................................$65.99 El Jimador ...........................................$27.99 Jose Cuervo $28.99 -$4MR FREE 1.75L Jose Margarita Mix $24.99 Luna Azul $27.99 -$5MR ............................$22.99 Monte Albon.........................................$19.99 Salvadore's Margarita ...............................$7.99 NEW! Southern Comfort Gingerbread Spice NEW Crown Royal Apple Try NEW Patron Reposado Special Select Carlo Rossi Asst'd Varieties 4L $11.49 4/$41.59 Imported Grape Valley Asst'd Varieties , 750ml $3.49 12/$35.99 Lume di Asti Asst'd Varieties 750ml $2.99 2/$5.00 Tisdale Asst'd Varieties, 750ml $3.49 or 12/$36.29 Gionelli Lambrusco $7.99 1.5 L + FREE Glass Imported Yellow Tail Asst'd Varieties 750ml 6/$29.99 Pabst, Light 30 pk cans $15.99-$2 Instant $ 13.99 Old Milwaukee, Light 30 pack $ 13.99 Busch 30 pk Cans $ 15.99 Boxer Reg/Light 36pk cans $ 12.99 Lite, MGD, 64 24pk btls $ 17.79 Leinekugel Big Butt, Cranberry Ginger Shandy 12 pk NR $ 12.99 Bud, Light 24 pk cans $ 17.79 + $10 Mail In Gas Card Miller High Life, Light 30pk cans $ 15.99 Coors Light 18pk - 16oz cans $ 15.99 + FREE $19 Admirals Ticket Voucher Keystone Light, Ice 30 pk Cans $ 11.99 Big Savings for the Big Game! Schlitz 2/12pk NR $17.79-$6 MR 2/ $ 11.79 Natural Light, Ice 30 pk cans $ 11.99 Smirnoff Ice 12pk $ 11.99 Modelo 24pk cans $ 22.69 COUPON Limit 2 with coupon. One coupon per person. 933 W. OKLAHOMA. Expires 2/1/15. PLU #35 COUPON Limit 4 with coupon. One coupon per person. Expires 2/1/15. 7-Up, Sunkist, Diet Rite, Squirt, Dr. Pepper 6 Pack 5 ct 5/ $ 10 00 2/$ 5 00 64oz Mr. Tomato Bloody Mary Mix Nina's Old Fashioned Mix 1 Liter 99 ¢ Old Dutch Potato Chips Reg. $3.79 2/ $ 6 00 Assorted Varieties Limit 5 with coupon. One coupon per person. 933 W. OKLAHOMA. Expires 2/1/15. PLU #37 Limit 2 with coupon. One coupon per person. While supplies last. 933 W. OKLAHOMA. Expires 2/1/15. PLU #33 COUPON COUPON Smirnoff 1.75L Buy 3, Get $30 MR Capt. Morgan 1.75L Buy 3, Get $30 MR Capitol Brewing Asst'd Varieties 12pk cans $ 9.99 Lite, Coors Light, Bud Light 30pk cans $ 19.69 Lime-A-Rita 12 pk cans $ 8.99 +FREE Mason Jar Dr. McGillicuddy's 1.75L $19.99 $24 MR on 4! Jagermiester 1.75L $35.99-$9 Instant $26.99 Plus $5 MR WILLS, TRUSTS, POWERS OF ATTORNEY, PROBATE Pre and post death planning by a professional with over 35 years of experience. Law Offices of Attorney James J. Winiarski 3625 W. Oklahoma Avenue, Milwaukee (414) 383-3902 240538052

• Cover