Despite the pandemic, the La Crosse County real estate market has seen a bit of a boom in the last year, officials said.
Specifically, while inventory of homes to buy has dropped, both sales and home values have gone up in 2020.
“It’s been a very strong market,” said Kent Gabrielsen, a Realtor with Coldwell Banker and the president of the La Crosse Area Realtors Association.
“There are more buyers than there are sellers right now, so inventory is low,” he said. “Actually we saw more homes sell in 2020 than we did in 2019. So even though it’s low inventory, there’s still more homes selling, there’s just that many more buyers.”
This means buyers are typically seeing multiple offers on market value homes, and the homes are selling for over listing prices, sometimes even 5% to 10% over.
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“We’re seeing most homes get multiple offers and typically they go a fair amount over list price,” Gabrielsen said.
Specifically in February 2019, the median sale price for a home in La Crosse County was $188,250. While that dipped slightly in 2020, in February 2021, that median stood at $221,825.
La Crosse County real estate market
|Year-to-date February stats||2018||2019||2020||2021|
|Inventory (6 month scale)||2.6||2.0||2.7||1.6|
|Days on market||74||85||83||81|
Housing stock inventory, which Gabrielsen’s team calculates by looking at the number of months it would take at the current rate to sell every home currently at the market, is at “an all time low” right now, he said.
Using a six-month scale, in 2018, inventory in the month of February was 2.6 — compared with 1.6 in February of this year.
But year over year, sales have grown in La Crosse County from 128 homes sold in 2019 to 150 in 2020.
The average amount of days a house stays on the market has decreased too, from 85 in 2019, to 83 in 2020 and 81 in 2021.
And this trend is actually in-part thanks to the pandemic.
“I think the really low interest rates are part of what’s driving this. Part of it’s COVID-related,” Gabrielsen said.
“People just really appreciate having a home of their own, their own space. They don’t want to rent, they’re spending more time at home, and it’s just more important than ever for them to have a space to call their own,” he said.