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A seller's market driving stronger home sales in region
MONROE - While home sales in Wisconsin this year are the highest they've been since 2007, Green County is running slightly behind.

This year, home sales in Green County lagged just slightly behind 2015's sales figures, reaching a total of 225 sales in the first six months, according to data from the Wisconsin Realtors Association. In 2015, 249 homes were sold in Green County by the end of June.

On the other hand, 59 homes were sold in Green County in June, a record number for the month. There were 55 homes were sold in June 2015.

Meanwhile, 57 homes have been sold this year in Lafayette County, compared to last year's June total of 63.

Nate Lancaster, real estate associate broker at Zwygart Real Estate, said this year's shortfall is because of a lack of available inventory.

"It's a seller's market now," Lancaster said. "We have people chomping at the bit to buy a new house, but there just aren't that many available."

The lack of availability has caused the home values to increase significantly. The median home sale price in Green County in June was $171,000, the second-highest it has been since the crash of the housing market in 2008.

In Lafayette County, the price has increased even more significantly. The median sale price in February was a record-breaking $160,000, almost $20,000 more than the previous record set in April 2014.

In fact, for the first time in 10 years, the median home sale prices for each month this year were greater than $100,000 in Lafayette County.

Joel Hedeman, a realtor at First Weber Realtors, said the shortage of available homes, coupled with lower interest rates, have created an ideal market for people interested in selling a home.

"It's sort of a cycle," Hedeman said. "And it kind of needs to happen for prices to rebound.

Meanwhile, all sorts of people are currently looking to buy a house, Hedeman said. Buyers run the gamut from first-time buyers, to families upgrading to bigger homes, to empty-nesters looking for smaller places.

Monroe and New Glarus remain strong places to buy a home in Green County, Hedeman said, but the markets in Brodhead, Monticello and Albany are also growing in popularity.

Hedeman and Lancaster agreed that the housing market looks promising for the remainder of the year.

"We have a lot of pending transactions happening right now," Lancaster said.