Last year set a new record in metropolitan Milwaukee home sales, topping the record set in 2020, according to the Greater Milwaukee Association of Realtors.
The new record now stands at 23,827 units sold, GMAR stated in its latest sales report. This was 6.2% higher than the 22,445 units sold in 2020. The sales numbers are for the four-county area of Milwaukee, Ozaukee, Washington and Waukesha counties.
Southeast Wisconsin, which also includes Kenosha, Racine and Walworth counties, also saw annual sales growth. The 31,852 units sold in 2021 represent a 5.9% jump from the prior year.
Home sales burst across the finish line in 2021 with the help of a strong December performance. Home sales were up 7.6% last month versus December 2020. Southeastern region sales were up 8.8% in December.
Milwaukee County saw the strongest growth in sales in 2021. The 13,809 units sold was a 12% increase from 2020. Other southeast region counties with annual sales growth include Racine County (9.1%), Kenosha County (5.9%) and Washington County (2.8%).
The remaining counties saw sales declines versus 2020. They include Waukesha County (-1.6%), Walworth County (-2.2%) and Ozaukee County (-3.9%).
Listings were down 8.8% last month, but up 6% overall in 2021.
In December, there was only enough inventory of homes for sale to satisfy 1.9 months of demand. Subtracting listings with an offer, inventory stood at 0.7 months.
This marks a continued strong sellers market. Six months of inventory (the time it would take to sell all of the homes on the market at a given time) indicates a balanced market. Anything above that is a market that favors buyers.
Because of continued tight inventories, prices moved upward in 2021. They went up about 11.3% last year in the metro area, and similarly up 11.3% in the southeast region.
