Home sales in the four county Milwaukee area were down 22.1 percent in April and listings were down 8.9 percent during the month, compared to April of 2007, according to Multiple Listing Service (MLS) data released by the Greater Milwaukee Association of Realtors. The sales decline in April nearly matches the 25.5 percent drop in sales during the first quarter of the year.
April sales: in Milwaukee County were down 21.1 percent (646 units compared to 819 in April of 2007), in Waukesha County were down 20.4 percent (339 units compared to 426), in Ozaukee County were down 20.7 percent (65 units compared to 82), in Washington County were down 31.9 percent (113 compared to 166), in Racine County were down 23.5 percent (166 compared to 217), in Kenosha County were down (144 compared to 172) and in Walworth County were down 34.2 percent (75 compared to 114).
In April, listings were down for the ninth straight month. "Brokers and agents are reporting that buyers and sellers are far apart in their initial offers," said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. "Buyers appear to think that excess inventory means sellers are willing to cut their prices by 20 percent or more, which often causes sellers not to even bother with a counter offer. Many sellers are willing to bide their time and wait until a reasonable offer is made for their property." The fourth quarter of 2007 appears to have been the high water mark for inventory, Ruzicka said in his report.
