REALTORS® Downtown Diggs Saturday, June 4th
Get a first-hand taste of the variety, energy and convenience of city living during the Downtown Diggs Condo Open House hosted by GMAR on Saturday.
Get a first-hand taste of the variety, energy and convenience of city living during the Downtown Diggs Condo Open House hosted by the Greater Milwaukee Association of REALTORS (GMAR) on Saturday, June 4, 10 a.m. – 3 p.m.
This year’s tour features affordable one-, two- and four-bedroom condos that highlight the excitement and fun of downtown life.
The condos are spread throughout the downtown area — in the Historic Third Ward, along the Milwaukee River, on the East Side and everywhere in between. They feature a variety of intriguing amenities including 12-foot ceilings, exposed cream city brick walls, roof-top patios, balconies of all shapes and sizes, kayak and boat launches and more.
A number of the condos are in significant Milwaukee buildings.
- The four-bedroom condo at 1539 N. Cass St. is part of the 1890 Cream City Brick Row House that’s a recognized Wisconsin Historical Society landmark.
- The condo at 741 N. Milwaukee St., #603 is in the Grain Exchange building, which was built in 1926 and is on the National Registry for Historic Places.
- The condo at 106 W. Seeboth St., #320 was previously part of a warehouse that was built in 1926. The location includes views of Milwaukee’s railroad swing bridge and Milwaukee River.
An entire list of the condos on the tour can be found at www.GMAR.com. Maps will also be available Saturday morning at the Milwaukee Downtown kiosk at the East Town Market at Cathedral Square. Downtown Diggs is being held in conjunction with Milwaukee Downtown (BID #21) Downtown Dining Week.
Downtown Sales Market
Average sale prices increased 11.5% in 2015, increasing to $346,377 from $310,575 in 2014.
Unit sales were up 1% in 2015, from 313 in 2014 to 316 in 2015.
The gains in prices and unit sales are a sign that buyers are still eager and looking to experience Milwaukee’s urban lifestyle.
The length of time units were on the market (days on market) was down 14% between 2014 and 2015, from 108 to 93 days. However, brokers have reported that many condos are moving within hours or a day or two after being listed, because inventory in the downtown market is so limited.
Through May 24th, it appears the downtown market has slowed slightly. Although, the most likely culprit is limited inventory, which causes buyers to extend their purchase timeline.
127 units were sold through May 24th, down from 173 units as of May 31, 2015.
“Days on market” in the same timeframe was up 5% up compared to last year, from 89 days in 2014 to 99 this year.
With no supply being added to the downtown condo market, the law of supply and demand would dictate price increases in the future.
Where to go
Buyers should seek the counsel of a REALTOR® in determining their best housing options, and sellers need a REALTORS® expert advice in making correct marketing decisions with their home.
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.