The housing market’s resurgence continued in April, increasing 44.2% in the 4-county metropolitan area. April is the 10th month in a row in which home sales have increased by double-digits. April sales (1,541) were about even with sales in April of 2010 (1,555), at the height of the federal tax credit.
April is usually the first notably busy month of the year for REALTORS® as they take listings and help buyers find homes. This year, however, agents have been active much earlier than typical. The combination of unusually warm weather, gradually increasing consumer confidence, low interest rates and low prices have established a firm pattern of recovery in the Metropolitan Milwaukee housing market.
The abundant inventory that had been characteristic of the Milwaukee market over the last few years, seems to be waning, as listings have declined in three of the last 4 months, 4.3% in April. Brokers are reporting significant tightening of listings in certain communities around the area. This is a noteworthy exception to a ‘typical’ spring market when new listings are abundant.
There are 13,157 active listings in the MLS at this time, which represents 8.5-months of inventory. A steep decline from the 10.5-months of just a month ago in March, and nearly half of the 15.4-months we had in January.
The supply of foreclosed properties in the hardest hit area in the City of Milwaukee push up the region’s average supply numbers, so the inventory level is probably even lower in suburban communities and even some neighborhoods within the city.
County-by-County Sales Analysis:
- · Milwaukee County was up 38.8% in sales over 2011 for April (910 units vs. 658 units)
- · Waukesha County was up 46.4% vs. April 2011 (410 sales compared with 280)
- · Washington County was up 68.8% compared to last year (118 vs. 70)
- · Ozaukee County was also up 68.9% vs. April 2011 (103 units vs. 61 units)
Buyers and sellers should remember to “Start With A REALTOR®” before beginning their home search or consulting with another housing professional.
The Greater Milwaukee Association of REALTORS® is a 4,000-member strong professional organization dedicated to providing information, services and products to “help REALTORS® help their clients” buy and sell real estate.