November Home Sales Up 5.3%
Market Highlights: All 4 Metro Counties Increased Sales, 7th Month of 2017 With Negative Listings, Inventory Availability Below 6 Months All Year
December 12, 2016 – Home sales in the Metropolitan Milwaukee housing market were up 5.3% in November. 1,540 homes sold in November compared to 1,463 in November of 2016. Comparing the numbers to 2015, sales were up 30.3% (1,182 in ‘15).
November was the 8th month of 2017, in positive sales territory, which is particularly striking given the lack of listings throughout the year.
|4 County Area||1,463||1,540||5.3%|
The two main generators of real estate activity in the metropolitan area, Milwaukee and Waukesha Counties, saw declines in listings of -6.2% and -6.4%, respectively, in November.
We have only had four months of positive listings in 2017. In fact, listings have only been up in 7 of the last 23 months, dating back to January 2016.
|4 County Area||1,396||1,322||-5.3%|
Exceptionally “Tight” Inventory
The seasonally adjusted inventory level for all price points in November was 3.9 months, down from October’s 4.5 months. The seasonally adjusted level was 4.6 months in November 2016. Six months of inventory is generally regarded as a “balanced” market, in which sellers and buyers are evenly matched in price negotiations. If inventory goes below 6 months sellers often see higher prices, when the price of their property is bid up from offers and counter-offers.
Another way to look at inventory is by eliminating those listings that have an active offer on them (most listings with an active offer continue through to a complete sale). Subtracting the 1,428 listings with an active offer from the 5,281 current listings, presents an effective inventory level of 2.2 months, down from October’s 2.7 month level. A year ago, the same calculation showed November’s inventory level at 2.8 months.
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 10th of each month; whereas the “4th qtr” is a continuous tally to 12/31. For example, if a sale occurred on July 29th, but the agent does not record the sale until November 11th, 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 “4th qtr” total.
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