A falling inventory of homes for sale is helping to drive up prices in Shawano County, said Peter Thillman, executive director of Shawano County Economic Progress Inc. (SCEPI), as he addressed the Shawano County Board of Supervisors on June 26.
“The number of available properties has declined significantly,” he said, sharing information from the Wisconsin Realtors Association.
The number of home sales dropped from a high 539 in 2021 to 406 in 2023 due mainly to a falling inventory. This is pushing the median sale price higher, which in 2023 was $198,950.
The lack of inventory, increased building costs and higher interest rates are impacting home sales in 2023, Thillman said. Through May, the county has seen only 140 sales but the median purchase price continued to rise to $222,000.
“Home sales have increased dramatically in price but not in number,” he said. “At over $200,000 in average price this year, when I started this job … the median home sale price was $105,000.”
The Wisconsin Department of Revenue reported new new construction continued on a strong path with $57 million for 1.35% increase in 2023. The 2024 numbers will come out in early August, but Thillman is anticipating another countywide increase in net new construction year-over-year.
“It’s really nice to see, in the last two years, the equalized value of the county has increased by half a billion dollars year-over-year,” he said. “That’s the real driver for your budgets.”
The growth in this area is mainly in the residential category.
Shawano has multifamily developments in the works on the north and south sides of the community. Due to the current interest rate environment, S.C. Swiderski has pushed back the construction of the Wittenberg multifamily project to second quarter 2025. Bonduel and Shawano are creating new subdivisions that should have construction starting within this calendar year, once the infrastructure is in place.
“It is good to see that we’re seeing houses built, apartment buildings built, not just in Shawano, but Bonduel has projects going forward, Wittenberg has projects on the docket going forward, and all throughout the county,” Thillman said.
He said he has been busy assisting large and small companies with expansions, as well as aiding small startups.
“We have a number of expansions in progress,” he said.
Limited workforce continues to be the major limitation to business growth and is driving wage growth in all sectors, Thillman said.
The Wisconsin Department of Workforce Development reported employment remained relatively flat between 2023 and 2024 with actual total employed up 60 year-over-year, and the unemployment rate has increase from 2.7% in April 2023 to 3.0% in April 2024.
The increase in the unemployment rate is the result of a larger increase in the workforce; the county added 140 workers but only 60 found employment.
This fall, SCEPI will host an event on identifying underused talent already in the community.
“The big news here will be on the front of broadband and housing,” Thillman said in reference to 2024. “On the broadband side, this county board will have a lot of impact on who actually gets money from the state to do broadband infrastructure through the BEAD act. You will have the deciding votes on who gets the points on their applications at the stat level.”
He cited major efforts last year in grant applications for “middle mile” infrastructure to connect the county’s western communication towers. Unfortunately, the county was unsuccessful, but plans continue with the upcoming BEAD grant cycle. Thillman continues to work with Matt Hietpas, the county’s technology services director, and internet providers as they prepare for the $1 billion in BEAD funding that the state has received.
kpasson@newmedia-wi.com
Housing prices increase, employment flat in Shawano County
