Market Reports: April 2020
While the stock market recovered significantly in March, the effects of COVID-
19 to the economy continue to build. In just the last four weeks, more than 20
million people filed initial unemployment claims according to the United States
Department of Labor, fueled by stay at home orders and a slowdown of
economic activity across the country. Added to the unemployment claims from
March, more than 30 million people have become unemployed since COVID-19
has become widespread in the U.S. In the face of these challenging times, real
estate activity in April slowed significantly.

New Listings in the Milwaukee region decreased 36.0 percent to 1,565. Pending
Sales were down 76.1 percent to 490. Inventory levels rose 16.9 percent to
3,605 units.

Prices continued to gain traction. The Median Sales Price increased 7.5 percent
to $250,400. Days on Market was down 7.7 percent to 36 days. Buyers felt
empowered as Months Supply of Inventory was up 25.0 percent to 2.5 months.
While the effect of COVID-19 continues to vary widely across the country, it is
expected that social distancing, higher unemployment, and lower overall
economic activity is likely to continue to constrain real estate activity in the near
term. At the same time, the industry is adapting to the current environment by
conducting business using technologies such as virtual showings and e-signing
to help buyers and sellers with their housing needs in the face of these

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by ShowingTime. You can follow this link:  Metro MLS Market Updates   or visit  www.metromls.com .

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.

Please contact your respective MLS with any questions. You may also follow our updates at   http://twitter.com/metromls .  Metro MLS members can call the Help Desk at 414-778-5450 or email    support@metromls.com
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 Metro MLS members can call the Help Desk at 414-778-5450 or email  support@metromls.com .