August 2016

Closed sales began to cool for much of the country last month, and
conventional wisdom indicates that year-over-year declines are going to be
present for the remainder of the year, given the low inventory situation in most
markets. Demand is certainly present and has created competitive situations
that have kept prices up. Rental prices are also up, which may lure more toward
homeownership.

New Listings in the Milwaukee region increased 3.1 percent to 2,238. Pending
Sales were down 30.5 percent to 1,157. Inventory levels fell 9.6 percent to 6,777
units.

Prices continued to gain traction. The Median Sales Price increased 5.3 percent
to $205,000. Days on Market was down 15.2 percent to 56 days. Sellers were
encouraged as Months Supply of Inventory was down 11.8 percent to 4.5
months.

As inventory continues to drop, the contradictions of today's market are
evident. Sellers should feel confident enough to list homes at fair prices and
receive meaningful offers in a healthy residential real estate and overall
economic environment. However, there may be lingering worry over the
availability of move-in ready homes to replace what was sold. On a brighter
note, building permits are trending upward. That news should be weighed
against the fact that the highest level of activity is in multifamily rentals.


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    or visit  www.metromls.com .

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