REALTORS® Downtown Diggs Saturday, June 6th
The GMAR is hosting the 2015 Downtown Diggs Condo Open House on Saturday, June 6, Noon – 4 p.m.
The GMAR is hosting the 2015 Downtown Diggs Condo Open House on Saturday, June 6, Noon – 4 p.m. The event is being held in conjunction with Milwaukee Downtown (BID #21) Downtown Dining Week.
This year’s urban living tour features affordable one- and two-bedroom condos that highlight the fun and convenience of urban living in Milwaukee.
The condos are spread throughout the downtown area — in the Historic Third Ward, along Wisconsin Ave. and Old World Third St., on the East Side, in the Beerline neighborhood and everywhere in between.
Annual sales in 2014 were up 3% over 2013, marking the fourth year of solid sales gains after the bottom fell out of the downtown market from 2008 – 2010. That solid gain is 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) were down 26% in 2014, after a whopping 42% decrease in 2013, and that trend seems to be staying in place for 2015. Decreasing days on market means downtown condos are moving quickly.
Average sales prices were up 1.8% between 2013 and 2014 signaling a strong change of course after 5 years of decreases.
Through May 31st, the downtown market is riding another strong year of condo sales. Through the first 5 months of the year, 105 units were sold, down 1% from 2014 (105 vs. 106).
“Days on market” in the first 5 months of the year are up compared to last year, from 89 days in 2014 to 99 this year.
Average sale prices are up 20% over the first 5 months of 2014, at $355,846; but they are still a ways away from 2007’s average of $413,453.
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.