Greater Milwaukee Association of Realtors: Home sales up 26.5% in March, 22.9% for 1st Quarter
Contact: Mike Ruzicka
414.778.4929 or 414.870.1876
April 10, 2012 – The housing market continued to steamroll through March, increasing 26.5% in the 4-county metropolitan area. March marked the 9th month in a row that sales increased by double-digits.
For the 1st quarter of 2012 the market was up 22.9% compared to the 1st quarter of 2011.
The higher volumes of buyer traffic that brokers have been reporting since late last year, and the resulting sales, have established a firm pattern of recovery in the Metropolitan Milwaukee housing market.
With employment figures improving in the state, consumer confidence – the missing ingredient in our market for several years – is on the rise. Despite years of historically abundant inventory, low interest rates and low prices, the market was not able to function because of a lack of consumer confidence.
Despite a 24.8% increase in listings in February, March saw a surprising 1.6% decrease in listings. Inventory of move-in ready homes is at a low not seen since 2007, although the number of foreclosures is inflating the overall inventory number.
County-by-County Sales Analysis:
* Milwaukee County was up 17.1% in sales over 2011 for March (732 units vs. 625 units), and 16.7% for the quarter (1,710 vs. 1,465)
* Waukesha County was up 30.4% vs. March 2011 (339 sales compared with 260), and 29.4% in the 1st quarter (775 vs. 599).
* Washington County was up 60.0% compared to last year (112 vs. 70), and 31.6% for the quarter (246 vs. 187).
* Ozaukee County was also up 72.2% vs. March 2011 (93 units vs. 54 units), and 39.7% in the 1st quarter (176 vs. 126)
Buyers and sellers should remember to “Start With A REALTOR®” before beginning their home search or consulting with another housing professional.
The Greater Milwaukee Association of REALTORS® is a 4,000-member strong professional organization dedicated to providing information, services and products to “help REALTORS® help their clients” buy and sell real estate.