Area home sales still lagging

Home sales in the Milwaukee area were down 9 percent in March compared to March of 2008, according to the latest housing statistics released this week by Metro MLS Inc.

There were 986 homes sold in the Milwaukee area during March, down 9 percent from 1,083 sales in March of 2008 and down 34 percent from 1,492 sales in March of 2007. Area home sales in the first quarter of 2009, totaling 2,322, were down 13.1 percent compared to 2,673 sales in the first quarter of 2008 and down 35.4 percent compared to the 3,596 sales during the first quarter of 2007.

Racine County was the only county in southeastern Wisconsin that had an increase in home sales during March. In Racine County 132 homes were sold in March, an increase of 4 percent compared to 127 homes sold in March of 2008, but a decrease of 32.7 percent compared to 196 homes sold in March of 2007.

• In Milwaukee County 597 homes were sold in March, down 4.8 percent from the 627 sold in March of 2008, and down 26.1 percent from the 808 homes sold in March of 2007.
• In Waukesha County 258 homes were sold in March, down 8.8 percent from the 283 homes sold in March of 2008 and down 38.4 percent from the 419 homes sold in March of 2007.
• In Ozaukee County 52 homes were sold in March, down 7.1 percent from 56 homes sold in March of 2008 and down 50 percent from 104 homes sold in March of 2007.
• In Washington County 82 homes were sold in March, down 30 percent compared to 117 homes sold in March of 2008 and down 49 percent from 161 homes sold in March of 2007.
• In Kenosha County, 80 homes were sold in March, down 35.5 percent compared to 124 homes sold in March of 2008 and down 55.1 percent compared to 178 homes sold in March of 2007.
• In Walworth County 53 homes were sold in March, down 15.9 percent from 63 homes sold in March of 2008 and down 54.3 percent from 116 homes sold in March of 2007.

In addition, March was the 20th consecutive month of decreasing new listings of homes for sale in the Milwaukee area. There were 3,098 new listings in March for the metro Milwaukee area. The 8,061 listings in the first quarter of 2009 are 8.1 percent less than 2008’s 8,770, and 21.3 percent behind 2007’s 10,246. New listings have been declining because the real estate market conditions are so favorable for buyers that many property owners have decided not to put their homes up for sale.