Bob Arnold’s April Newsletter
Realty Trends in Milwaukee are as Wild as the Weather!
What has happened over the last 2 years with real estate near Milwaukee WI? As I was looking at the main page of MLS, there is a short list of statistics on display. While our transaction volume in the Metro Milwaukee area has not increased much since April of last year, our prices certainly have.
ALL Properties Sold in the Metro MLS as of April 24th, 2018:
2016 | Year to Date
8,440 Transactions YTD
$1,562,842,823 Total Sales YTD
2017 | Year to Date
8,528 Transactions YTD
$1,709,542,145 Total Sales YTD
2018 | Year to Date
8,769 Transactions YTD
$1,933,824,221 Total Sales YTD
Unexpected Shifts in Milwaukee Real Estate Transactions & Trends
County to county in Southeastern Wisconsin, there has been nothing but increases. As of April 2017, Ozaukee County has seen the largest percentage of increases with +29.8% while Racine County increased +13.1% and Milwaukee County not far behind at +10.4%. Overall, MLS, which collects data from the entire state, saw an increase of 7.8% in Wisconsin from April 2017 to April 2018.
+Homes under $300,000 accounted for 76% of homes sold in March 2018
+Units in good condition with a highly rated school district sell in just a few days
+In the 1st Quarter of 2018, 79% were under $300,000 in price
+The Average Home spends a month & a half LESS on the market since this time last year!
– (3.2 Months on the Market in 2017; 1.7 Months on the Market in 2018!)
Home Buyers: Don’t Give Up!!!
It never gets easier and with trends rising as they are, it will be even more competitive next year. Too many buyers gave up last year and are now kicking themselves for it. While the statistics above are not pretty for buyers, they are the facts and it is important for buyers I work with to understand the market.
What Should I Do to Buy My Home, Condo or Duplex?
Make sure you have one of the best real estate agents in Milwaukee aggressively combing the current market, looking for new listings to send you and showing you properties they day they come on the market. You need an agent who is a Certified Negotiation Expert (CNE) who has a strong knowledge of the market so they are able to be successful when it comes to competing in Multiple Offer situations.
Great questions to ask your potential realtor:
+Have you Been Involved in a Multiple Offer?
+How Many Multiple Offers have you Won for your Clients?
+What is the Current Real Estate Market Like & How does it Affect My Buying Plans?
Important questions to ask yourself:
+Having trouble with your current agent or property search?
+Are you set up for success with an offer? (What should all buyers do before looking at homes?)
+Is it your goal to own a condo, home or duplex this year?
This April, we’ve seen rain, snow, hail and 60 degree weather in Milwaukee. The real estate market is just as unpredictable and if you’re considering buying a home, you’ll want to get in contact with a Realtor such as myself who has an umbrella of knowledge at the ready and a snowplow of experience ready to be used at a moment’s notice.
Please call or text or email me and I would enjoy talking or meeting with you.
Bob Arnold, Realty Executives Integrity