August tends to mark the waning of housing activity ahead of the school year. Not all buyers and sellers have children, but there are enough parents that do not want to uproot their children during the school year to historically create a natural market cool down before any actual temperature change. Competition is expected to remain fierce for available listings. Savvy sellers and buyers know that deals can be made well into the school months, as household formations take on many shapes and sizes.
New Listings in the Milwaukee region increased 4.0 percent to 2,384. Pending Sales were down 52.1 percent to 860. Inventory levels fell 4.0 percent to 6,038 units.
Prices continued to gain traction. The Median Sales Price increased 4.9 percent to $215,000. Days on Market was down 25.0 percent to 42 days. Sellers were encouraged as Months Supply of Inventory was down 2.5 percent to 3.9 months.
The prevailing trends lasted through summer. This was expected, since there have not been any major changes in the economy that would affect housing. Factors such as wage growth, unemployment and mortgage rates have all been stable. Every locality has its unique challenges, but the whole of residential real estate is in good shape. Recent manufacturing data is showing demand for housing construction materials and supplies, which may help lift the ongoing low inventory situation in 2018.
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:
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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.