The employment landscape and wages have both improved over the last few
years, allowing for more people to participate in the home-buying process.
When the economy is in good working order, as it is now, it creates
opportunities in residential real estate, and right now is a potentially lucrative
time to sell a home. Houses that show well and are priced correctly have been
selling quickly, often at higher prices than asking.
New Listings in the Milwaukee region decreased 6.3 percent to 2,437. Pending
Sales were down 56.2 percent to 912. Inventory levels fell 1.2 percent to 5,765
Prices continued to gain traction. The Median Sales Price increased 9.1 percent
to $210,000. Days on Market was down 25.0 percent to 57 days. Buyers felt
empowered as Months Supply of Inventory was up 2.6 percent to 3.9 months.
Although there is a mounting amount of buyer competition during the annual
spring market cycle, buyer demand has not abated, nor is it expected to in the
immediate future unless something unpredictable occurs. While strong demand
is generally considered a good problem to have, it creates an affordability issue
for some buyers, especially first-time buyers. And yet, prices will continue to
rise amidst strong demand.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link:
Metro MLS Market Updates
The views and opinions expressed in this article are those of the authors and should reflect only on trends that affect the economics of real estate.