The share of homes sold for under $100,000 in the four-county metro Milwaukee area dropped 19 percent in May, according to the Greater Milwaukee Association of Realtors (GMAR).
In the area there were 427 homes sold for less than $100,000 in May, compared to 528 in April. The drop was led by a decrease of sales in Milwaukee County, which went from 471 properties to 362 homes sold for less than $100,000.
The decline in low-priced home sales could be a good sign that the distressed portion of the market.
“Properties under $100,000 are primarily foreclosure and distressed units and often purchased by investors who convert them into rental properties, often in the hardest hit neighborhoods,” said GMAR president Mike Ruzicka. “While the decrease is welcome news, and could foreshadow a reduction in the number of foreclosures being added to the market, one month of data is too little evidence to draw any long-term conclusions.”
