Home sales in metropolitan Milwaukee were up 5.4 percent in June with the city of Milwaukee and Milwaukee County showing exceptionally strong market conditions.
Overall, the 2,497 Â sales in June were the highest level since 2000. The previous high for June was set in 2006, when 2,347 units were sold, according to the Greater Milwaukee Association of Realtors.
June also marked the first month in 2016 with more listings than the year earlier, 3 percent, and only the second time in the last 12 months with positive listings, which means the tight inventory that has plagued the market all year has begun to loosen up.
The most active markets in the region, characterized by those communities with more than 50 unit sales, had an increase in units sold and average sale price, and a decrease in days-on-market.
In the city of Milwaukee, 11 percent more units were sold, the average sales price is up $5,928 and the days-on-market was down 7 percent in June.
The North Shore did exceptionally well.
Shorewood’s homes sold for $54,445 more in June, or 18 percent more than the previous year and Whitefish Bay’s homes are selling for $46,465 more.
While the news is generally positive, the metropolitan Milwaukee market still has not recovered completely from the Great Recession, according to GMAR. All four counties are still below their peak second quarter average sale prices set in 2006-07 by an average of 4.6 percent.
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