Greater Milwaukee Association of Realtors: Home sales up 30.1% in May
6/15/2012
Contact: Mike Ruzicka 414.778.4929 or 414.870.1876
June 10, 2012 – The housing market in the 4-county Metropolitan Milwaukee area continued to steamroll year-over-year sales figures in May, posting a 30.1% increase over 2011.
May is now the 11th month in a row in which home sales have increased by double-digits.
When 2012 got off to a fast and robust start, some brokers thought the spring months would see a little easing, however, that has not been the case. The combination of gradually increasing consumer confidence, low interest rates and low prices have established a firm pattern of recovery in the Metropolitan Milwaukee housing market.
County-by-County Sales Analysis:
· Milwaukee County up 25.9% in sales over 2011 for May (875 units vs. 695 units)
· Waukesha County was up 41.7% vs. May 2011 (493 sales compared with 348)
· Washington County was up 36.7.% compared to last year (134 vs. 98)
· Ozaukee County also up 11.1% vs. May 2011 (100 units vs. 90 units)
Abundant inventory, which had been a characteristic of the Milwaukee market for the last five years, is waning. Listings have declined in four of the first 5-months of the year, 6% in May, and brokers are reporting significant tightening of listings in certain communities around the area.
There are 13,250 active listings in the MLS at this time, which represents 8.3-months of inventory. About even with the 8.6-months in April, but down from 10.5-months in March, and nearly half of the 15.4-months the market had in January.
However, the supply of foreclosed properties push up the region’s active listings. The inventory of properties not involved in foreclosure is approximately 7.6-months. Therefore, buyers who are looking for a “move-in” quality home have a little tighter selection to choose from, and may well start seeing price increases soon.
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.
For additional comments and perspective on the marketplace, please feel free to contact any of the following GMAR members:
Jeff Joseph, Chairman
Encompass Realty
2222 N Mayfair Rd, Suite 250
Wauwatosa, WI 53226-2208
Mobile 262.719.8901
jeff@encompassrealtygroup.com
Tina Balaka, Chair-Elect
Shorewest, Realtors
5111 S. 76th St.
Greendale, WI 53129-1115
Phone 414.423.1500
tbalaka@shorewest.com
Bob Larson, Treasurer
First Weber Group, Realtors
1507 E Sunset Drive Waukesha, WI 53189-8203 Phone 262.544.8560
blarson@firstweber.com
Betsy Head Corporate Secretary
Realty Executives Integrity
412 E Silver Spring Drive
Whitefish Bay, WI 53217
Phone 414.906.4500
betsyhead@realtyexecutives.com
Steve Wiedenfeld
Shorewest, Realtors
5111 S. 76th St.
Greendale, WI 53129-1115
Phone 414.423.1500
steve@wiedenfeld.com
