Metro Milwaukee home sales down 1.5 percent in February

Sales in the four-county metropolitan Milwaukee area fell 1.5 percent in February, compared to February of 2009, ending 8 consecutive months of month over month gains, according to data from MLS Inc.
Home sales in Milwaukee County were down 2.4 percent in February.
Sales in Waukesha County were down 11.4 percent, sales in Washington County were the same as in February of 2009 (40 sales), and sales in Ozaukee County increased by 65.6 percent.
“Despite the decrease in February sales, the state of the real estate market in the Milwaukee area is improving,” said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. “February was a slight pause in market activity as the April 30th tax credits deadline approaches. Sales in March and April should increase, just as sales did in October and November of last year, when the tax credit was set to expire on November 30th.”
The number of homes listed for sale dropped dramatically during the Great Recession as many home owners decided to wait for the housing market improves before they sell.
But now homes listed for sale are on the rise again as buyers hope to attract sellers before the federal government’s home purchase tax credit expires on April 30.
Listing were up 17.9 percent in the four county area in February. In Milwaukee County listings were up 19.5 percent in February, in Waukesha County listings were up 17.3 percent, in Washington County 14.5 percent and in Ozaukee County 11.0 percent.
“In normal times, we see increases in listings begin around March, but this year sellers listed their properties in January and February to let buyers take advantage of the tax credits,” Ruzicka said.