Greater Milwaukee Real Estate News

June Home Sales Results

July 17th, 2013 7:17 PM by Peter Domanos

According to the GMAR:

June Home Sales Up 7.8%, Up 10.9% Through 2nd Quarter Home sales in the Metropolitan Milwaukee market were up 7.8% in June, compared to a year earlier. Through the 2nd quarter the market had a 10.9% increase in sales versus 2012.

There were a total of 1,925 homes sold in June, compared to 1,785 in June of 2012. For the first 6-months of the year, there were 8,839 sales vs. 7,968 during the same span in 2012.

While the June and 2nd quarter sales figures are universally positive and show a robust market, an analysis of the 2nd quarter of 2011 compared to 2013 shows how far the real estate market has come since climbing out of the depths of the Great Recession.

Throughout the first half of the year the market has been saddled with low levels of inventory. In June it appeared that sellers were getting the message that prices had stabilized and they were willing to dip their toes into the sales pool and list their homes at a rate of 12.2% ahead of 2012. The 3-months in the 2nd quarter finished 8.6% ahead of the same time in 2012.

For the first 6-months of the year, however, the market saw a 2.7% drop in listings because of a double-digit decrease in homes for sale in the 1st quarter and small, single-digit increases in April and May.

With total metro area listings in June of 11,507, the market’s inventory level was 8.19-months, up slightly from May’s 8.03 level. A year ago, the inventory level was at 11.88-months. If the 1,976 listings with an active offer are subtracted, the inventory level drops to 5.53-months.

Milwaukee County saw price increases in 14 of its 19 communities through the 2nd quarter. The City of Milwaukee saw prices rise from $85,282 a year ago to $96,457 in 2013, an 13.1% increase. The 4 communities that did not see price increases did see increased unit sales.

Seven of the 27 communities in Waukesha County saw prices decrease through the first six-months of the year. Prices in the City of Waukesha rose 10.3% to $196,826, on 492 sales. New Berlin only saw a slight 0.1% increase in its average sale price, Brookfield was slightly better at 1.8%, whereas Menomonee Falls had a 7.0% increase in prices.

Washington County had a mixture of positive and negative sales price changes through the 2nd quarter, culminating in a county-wide 1.7% price increase. Of the 15 communities in the county, 7 had price declines. Two of the county’s largest communities, West Bend and Germantown, saw average prices fall in the 1st quarter, but both gained 2.6% and 4.9%, respectively, by the end of the 2nd quarter.

In Ozaukee County, 6 of 10 communities saw prices increase and the county overall had a 1.7% price increase. The City of Mequon continued the success it saw in the first quarter with an average sale price of $435,575, up from $350,459 a year ago.

While price increases have not become as widespread as increases in sales volume, the length of time it has taken to sell a home has shortened considerably.

The cumulative level of sales through the 2nd quarter reached a point not seen since early in the last decade.

Posted in:General
Posted by Peter Domanos on July 17th, 2013 7:17 PM

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