Milwaukee Area Real Estate Market Update
While we experiencing a strong real estate market in the metro Milwaukee area but we can’t forget that it is still based on supply and demand. One of the biggest factors effecting price in the Metro Milwaukee market is the inventory. New listings in the Milwaukee region decreased 10.4 percent down to 2,288 listings July. Pending sales were also down 36.3 percent to only 1,150. Inventory levels fell 10.2 percent to 6,906 units, while the median sale price increased 1.3% in July. Making this even more of a seller’s market.
In most areas the $250K and under market is extremely active. Some Milwaukee real estate areas are experiencing the problem of little or no homes available in this price range. Go under $150K and nice homes are being sold in less than a week with multiple offers. For example, I was looking for some homes in Thiensville the other day for a buyer I am working with to find 8 homes on the market and 7 of the 8 had offers. Our four county area, Milwaukee, Ozaukee, Waukesha and Washington are a price sensitive market with very different buyers and number of buyers in different price ranges. For example: Once we get over the 600K range our inventory increases and prices actually seem to be dropping or we are seeing price reductions. Now updated or new construction are always going to sell quickly. Pockets like Whitefish Bay and Shorewood are doing great in any price range.
What’s going to happen with the interest rates, up or down? If I only had that magical crystal ball. We are seeing them fluctuate in the 3`s. Are we living on borrowed time? It depends on who, what bank, economist or media you want to listen to. World chaos and poor employment numbers in the U.S. are keeping them down. What we do know is prices are going up at an average of 10% plus per year. The house now priced at $250K will be $275K next year, yes the same house that was $200K 2 years ago! I know our incomes are not going up that fast. You may want to really think about a home purchase game plan. I have not had any buyers come back to me in the last 3 years saying “Bob I wish I would have waited to purchase a home”. Instead most if not all say I wish we would have purchased sooner! Here is another one of my great testimonials:
5 of 5 Stars
Worked with Bob shortly after we relocated to the area. Bob took the information we provided and gave us a good sampling of what was available in a fast moving market. Bob was very flexible in his schedule to accommodate our schedule. Once we found our home, Bob acted quickly to bring our offer to the table and get accepted. Bob also worked closely with us in making offer conditions and following up with some additional matters in the home inspection. Bob also had connected us with an excellent home inspector who provided a very detailed report as well as a Real estate attorney that met our needs. Bob made the home search and overall home buying experience stress free and enjoyable.