As we enter the final stretch of the year I am happy to report that the real estate market in Southeastern Wisconsin has been healthy in 2018. Median home values continued to rise, the second home and lakefront market was very strong, and new construction is on the rise. These are great trends for owners and a positive indicator for the economic health for our corner of Wisconsin.
On the other hand, there are some areas of the market that we hope to see improve over the coming years. Resale inventory has continued to tighten and with rising construction costs, developers have not been able to keep up with demand, particularly at entry level price points. This has been tough on buyers, and particularly hard for first-time home buyers. As more and more people move to Southeastern Wisconsin, whether that be for new job opportunities, lower property taxes, or the quality of life we appreciate so much, it is critical for our economic health and growth to make it attainable for people to find a home. We will do our part by continuing to work with developers, lenders, and local municipalities to create housing opportunities and meet the rising demand in our region.
On another note, as you’ll read in these pages, we are announcing some very exciting news. Starting in early December, we will be opening our first office in Illinois, in the town of Woodstock in McHenry County. Having spent over 75 years just miles away from our neighbors to the South, and decades working with buyers and sellers from Illinois, Keefe’s ties to the Land of Lincoln run deep. We see the Woodstock community as a natural fit for Keefe Real Estate, and we are very excited to bring our brokerage services to greater McHenry County.
As always, thank you for staying in touch with us and trusting us with your real estate needs.