April Home Sales Down 4.1%

Homes. Photo by Carl Baehr.

April 10, 2017 – Home sales were down 4.1% in April in the Metropolitan Milwaukee market.

This decline in unit sales is directly related to the decrease in available properties for sale.  Low inventory has plagued the market since mid-2015.

Beginning in September 2014, there have been 27 months of positive sales.  April was one of 5 months in negative territory.  Washington County was the only county with positive sales, coming in 5.4% ahead of April 2016.

Still, the real estate market is performing well from a historical perspective.  The 1,777 sales in April were 10.4% ahead of 2015’s level.

Listings Down

Listings for April were down 1.9% regionally.  Yet, remarkably, listings were up in three of the 4 metropolitan counties.  Nonetheless, since June of 2015 there have only been 5 months of positive listing growth (18 negative, including April).

Inventory Very Tight

The seasonally adjusted inventory level for April was 4.7 months, an increase from March’s 4.4 month level.  The seasonally adjusted level was 5.9 months in April 2016.

Subtracting the 2,859 listings with an active offer from current listings presents an effective inventory level of 2.4 months, slightly higher than March’s 2.3 month level.  A year ago, the same calculation showed April’s inventory level at 3.1 months.

Inventory

GMAR Member Survey

The GMAR surveyed members earlier this week (May 8 – 10) about the market and 66% do not see any signs of inventory increasing during the rest of 2017.  72% of survey respondents would like to see more listings under $300,000.

44% of members surveyed believe prices will increase between 4% and 6% this year over 2016.  20% see a 1% – 3% increase, while 24% believe prices will go up 7% – 9%.

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.  Data for this report was collected by Metro MLS, Inc. a wholly-owned subsidiary of the GMAR.

* Sales and Listing figures differ between the “Monthly Stats” and “4th qtr” (or year-end) because the collection of “Monthly Stats” ends on the 10^th of each month; whereas the “4^th qtr” is a continuous tally to 12/31.  For example, if a sale occurred on July 29^th, but the agent does not record the sale until August 11^th, that sale would not be included in the July sales figures (or any subsequent month’s total) but would be added to the annual total sales figure in the “4^th qtr” total.

NOTE: This press release was submitted to Urban Milwaukee and was not written by an Urban Milwaukee writer. While it is believed to be reliable, Urban Milwaukee does not guarantee its accuracy or completeness.

Recent Press Releases by Greater Milwaukee Association of REALTORS®

REALTORS® Home & Garden Show to bring a cascade of ideas for your home to Wisconsin State Fair Park, March 22 – March 30

Jan 29th, 2024 by Greater Milwaukee Association of REALTORS®

98th annual show to offer tips and trends in landscaping, gardening, home improvements, interior design and more

Food gardening, design trends and healthy building materials among the seminars at the REALTORS Home & Garden Show

Mar 16th, 2023 by Greater Milwaukee Association of REALTORS®

 

GMAR Announces “REALTOR® of the Year Award”

Dec 8th, 2022 by Greater Milwaukee Association of REALTORS®