MARKET REPORTS: APRIL 2018
Many sellers and builders are in a good position for financial gains, as the economy continues to favor putting existing homes on the market and building new homes for sale. We are finally beginning to see some upward movement in new listings after at least two years of a positive outlook. There may not be massive increases in inventory from week to week, but a longer-term trend toward more new listings would be a good sign. Low inventory should continue to create a competitive situation for buyers, causing price increases over the next several months.
New Listings in the Milwaukee region decreased 9.5 percent to 2,269. Pending Sales were down 59.4 percent to 834. Inventory levels fell 0.8 percent to 4,521 units.
Prices were fairly stable. The Median Sales Price increased 1.0 percent to $210,000. Days on Market was down 17.5 percent to 47 days. Buyers felt empowered as Months Supply of Inventory was up 7.1 percent to 3.0 months.
This winter and spring exhibited unseasonal weather patterns in much of the country. As the seasons change to something more palatable, wages and consumer spending are both up, on average, which should translate positively for the housing market. Being quick with an offer is still the rule of the day as the number of days a home stays on the market drops lower. If that wasn't enough for buyers to mull over with each potential offer, being aware of pending mortgage rate increases is once again in fashion.