Home sales in metropolitan Milwaukee continue to rise with sales up nearly 24 percent in November, marking the ninth month of the year with positive sales growth, despite a continued lack of inventory for customers to choose from.
Last month, 1,463 homes sold compared to 1,182 in November of 2015. Comparing the numbers to 2014, sales were up 29.9 percent, according to the latest data from the Greater Milwaukee Association of Realtors.
The seasonally adjusted inventory level for all price points in November was 4.6 months, down from October’s 5.2 months. Six months of inventory is generally regarded as a “balanced” market, in which sellers and buyers are evenly matched in price negotiations. Low inventory levels favor sellers.
“As we have stated several times this year, there are two main reasons for the anemic level of listings in the market: one is that sellers are not feeling like their home has made up the value it lost during the recession and a second reason is that there aren’t any homes for sellers to move into,” said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors.
As has been the case all year, inventory is very tight particularly for properties under $300,000.
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