More good news for the recovering housing market: home sales in the metro Milwaukee area increased by 30 percent, year-over-year in the month of May, according to the Greater Milwaukee Association of Realtors (GMAR).
May was the 11th consecutive month that the metro Milwaukee housing market posted a double digit increase in year-over-year sales, according to the GMAR.
May sales increases for the four county metro Milwaukee area:
- Milwaukee County, up 25.9 percent
- Waukesha County, up 41.7 percent
- Washington County, up 36.7 percent
- Ozaukee County, up 11.1 percent
“When 2012 got off to a fast start, some brokers thought the spring months would see a little easing, however, that has not been the case,” said GMAR president Mike Ruzicka. “The combination of gradually increasing consumer confidence, low interest rates and low prices have established a firm pattern of recovery in the metropolitan Milwaukee housing market.”
The supply of homes on the market in the metro Milwaukee area also continues to creep downward toward a more balanced market. The area has 13,250 active listings, which represents 8.3 months of inventory (the amount of time it would take to sell all of the homes on the market), according to GMAR. That compares to a supply of 8.6 months in April, 10.5 months in March and 15.4 months in January. A balanced market is considered 6 to 8 months of supply. Inventory of more than 8 months is considered a buyer’s market and inventory of less than 6 months is considered a seller’s market.
“Brokers are reporting significant tightening of listings in certain communities around the area,” Ruzicka said.
The supply of foreclosed properties increases the amount of listings in the region. Not including properties that are involved in the foreclosure, the region’s supply of homes for sale is at 7.6 months, Ruzicka said.
“Buyers who are looking for a move-in quality home have a little tighter selection to choose from, and may well start seeing price increases soon,” he said.
