Greater Milwaukee Association of Realtors: Metro home sales in $200K – $400K range

Contact: Mike Ruzicka

414.870.1876

August 18, 2010 – Many sales of single-family homes in the Metropolitan Milwaukee market were amassed in the $200,000 to $399,999 price range in July, according to housing statistics released by Metro MLS, Inc. and analyzed by the GMAR.

This is a marked change from July 2009, when the bulk of sales were spread out between $120,000 and $399,999.

The change in active price points was a result of the end of the federal homebuyer tax credits, which stopped on April 30th. First-time home buyers typically buy property priced under $250,000, that price range did well in July 2009, but has slowed considerably this summer.

As the bulk of sales has shifted to a more expensive range, the overall volume of sales has decreased; however, brokers expected sales to slowdown after the end of the tax credits.

Milwaukee County saw a similar sales pattern between July 2009 and 2010, however, the level of sales was down. The county had high sales in the price range under $29,000, where many foreclosed properties were priced. Waukesha County saw a shift in sales to more expensive homes along with a smaller volume of sales. In Washington County, the price range of sales did not change significantly, but the overall level of sales was down considerably. Ozaukee County also saw a similar sales and volume pattern.

In these confusing times, buyers and sellers should remember to “Start With A REALTOR®” before beginning their home search or consulting with a lender or other housing professional.

The Greater Milwaukee Association of REALTORS® is a 4,000-member strong professional organization dedicated to providing information, services and products to its members to ‘help them help their clients’ in buying and selling real estate.