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October 2016
As we enter the final quarter of 2016, not much has changed since the year
began. Market predictions have been, in a word, predictable. A relatively
comfortable pace of activity has been maintained thanks to continuing low
unemployment and mortgage rates. The one basic drag on market acceleration
has been inventory decline. There is little to indicate that the low inventory
situation will resolve anytime soon.
New Listings in the Milwaukee region decreased 7.3 percent to 1,682. Pending
Sales were down 33.1 percent to 893. Inventory levels fell 11.2 percent to 6,129
units.
Prices continued to gain traction. The Median Sales Price increased 4.4 percent
to $202,500. Days on Market was down 13.7 percent to 63 days. Sellers were
encouraged as Months Supply of Inventory was down 13.0 percent to 4.0
months.
Builder confidence is as high as it has been in more than a decade, yet the pace
of economic growth has been slow enough to cause pause. A low number of
first-time buyer purchases and a looming demographic shift also seem to be
curbing the desire to start new single-family construction projects. As older
Americans retire and downsize, single-family listings are expected to rise. The
waiting is the hardest part.
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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