MARKET REPORTS: September 2018
Some economy observers are pointing to 2018 as the final period in a long string of sentences touting several happy years of buyer demand and sales excitement for the housing industry. Although residential real estate should continue along a mostly positive line for the rest of the year, rising prices and interest rates coupled with salary stagnation and a generational trend toward home purchase delay or even disinterest could create an environment of declining sales.
New Listings in the Milwaukee region decreased 7.4 percent to 1,887. Pending Sales were down 63.1 percent to 578. Inventory levels fell 3.3 percent to 4,964 units.
Prices continued to gain traction. The Median Sales Price increased 10.2
percent to $223,000. Days on Market was down 25.6 percent to 32 days.
Buyers felt empowered as Months Supply of Inventory was up 6.5 percent to 3.3 months.
Tracking reputable news sources for housing market predictions makes good sense, as does observing trends based on meaningful statistics. By the numbers, we continue to see pockets of unprecedented price heights combined with low days on market and an economic backdrop conducive to consistent demand. We were reminded by Hurricane Florence of how quickly a situation can change. Rather than dwelling on predictions of a somber future, it is worth the effort to manage the fundamentals that will lead to an ongoing display of healthy balance.