Market Watch: Green Bay, WI

March 19, 2014 Comments Off

When someone hears the city name Green Bay, it is hard to think of anything but the famous Cheeseheads of the Green Bay Packers. Not many realize the actual Cheesehead headquarters is the oldest city in the state of Wisconsin. Though it is the oldest, it is only the third largest city after Madison and Milwakee. The 2011 population of the city, according to the US Census, was 105,809. Green Bay has been known to be an industrial city and like Detroit felt a hard hit with the down turn of the economy. Most of the plants in Green Bay are run by the paper and shipping companies. But the new year the new year started off mixed for the state’s real estate markets. Fewer houses sold than in the first month of 2013, but they sold for higher prices.

The Wisconsin Realtors Association recently reported that January home sales were down 6.8 percent statewide, but median prices rose 3. 2 percent, to $126,900. Home prices rising is usually a good sign for investing in real estate.

Wisconsin’s economy and real estate markets continue to heal, but more slowly than most of us would like. It does however seems to be a prime location for house flipping as it has landed at many of the “it lists” for flipping in 2014. One of those was from January 31st’s issue of Business Insider listing the city as one of the top “14 Cities Where Speculators Are Making Bank By Flipping Homes.”

Flipping houses seems to have become so popular in Green Bay that many real estate agents are blogging on the topic as well. Here is one that lists top mistakes on flipping:

http://blog.rockrealtywi.com/top-mistakes-rookies-home-flipping/

Let’s check out some recent stats on the city by the Wisconsin Realtor’s Association.

Green Bay, Wisconsin stats

Gross profit percentage: 139%

Average gross profit: $97,437

Q4 flips: 315

YoY change: 27.5%

Average purchase price: $70,113

Additional Source: RealtyTrac

Fun Fact

Green Bay has five nicknames: “Titletown”, “Bayland”, “Bay City”, “Packerland”, and “Packer City”.

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Erik Hitzelberger has been Real Estate Investor since 2007. While learning the ropes in the market down-cycle, he now teaches others how to use his systems and leverage other people’s expertise to achieve their own goals.

Erik Hitzelberger – who has written 194 posts on Part Time REI.