The number of downtown Milwaukee condominium sales increased by 15 percent to 154 during the first half of the year compared to the first half of 2013, when 134 downtown condos were sold, according to the Greater Milwaukee Association of Realtors.
That comes after downtown condo sales were up 13 percent in 2013, compared to 2012. Last year was the third year of sales gains after the downtown condo market collapsed from 2008 to 2010.
Average sale prices for downtown Milwaukee condos are up 7 percent for the first half of this year, to $314,316, compared to the first six months of 2013, but they are still far from 2007’s first half average of $417,453 when the market was at its peak, according to the GMAR.
Average sales prices for downtown condos were basically flat (down 0.4 percent) between 2012 ($301,012) and 2013 ($299,671) but that was an improvement after five years of price decreases that ranged from 1 percent (in 2012 and 2009) to 20 percent (in 2008).
There has been little new condo development in downtown Milwaukee in recent years and almost all new housing developments under construction or planned downtown are apartment projects.
“With no supply being added to the downtown condo market, the law of supply and demand would dictate (additional) price increases in the future,” GMAR President Mike Ruzicka said.
The length of time that downtown condo units were on the market was down 42 percent in 2013, compared to 2012, and was down 39 percent in the first half of 2014, compared to the first half of 2013.
“Decreasing days on the market means downtown condos are moving quickly,” Ruzicka said.
GMAR will host a downtown condo open house event on Saturday, Aug. 2, from noon to 4 p.m. The list of the condos on the tour can be found at www.GMAR.com.