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December 2016
Most of 2016 offered the same monthly housing market highlights. The number
of homes for sale was drastically down in year-over-year comparisons, along
with days on market and months of supply. Meanwhile, sales and prices were
up in most markets. Unemployment rates were low, wages improved and, as
the year waned, we completed a contentious presidential election and saw
mortgage rates increase, neither of which are expected to have a negative
impact on real estate in 2017.
New Listings in the Milwaukee region decreased 23.0 percent to 739. Pending
Sales were down 35.8 percent to 630. Inventory levels fell 19.6 percent to 4,315
units.
Prices continued to gain traction. The Median Sales Price increased 4.9 percent
to $192,000. Days on Market was down 9.0 percent to 71 days. Sellers were
encouraged as Months Supply of Inventory was down 22.2 percent to 2.8
months.
The overwhelming feeling about prospects in residential real estate for the
immediate future is optimism. Real estate professionals across the nation are
expressing that they are as busy as ever. There are certainly challenges in this
market, like continued low inventory and higher competition for those fewer
properties, but opportunities abound for hardworking agents and diligent
consumers.
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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