The number of condo sales in downtown Milwaukee rose 3 percent in 2014, compared to 2013, and prices for downtown condo sales were up 1.8 percent, according to a new report from the Greater Milwaukee Association of Realtors.
GMAR says that 2014 was the fourth consecutive year of sales gains for the downtown Milwaukee condo market, which collapsed from 2008-10.
“That solid gain is a sign that buyers are still eager and looking to experience Milwaukee’s urban lifestyle,” said GMAR president Mike Ruzicka.
The length of time downtown condo units were on the market (days on market) were down 26 percent in 2014, after a 42 percent decrease in 2013.
“And that trend seems to be staying in place for 2015,” Ruzicka said. “Decreasing days on market means downtown condos are moving quickly.”
Average sales prices for downtown condos were up 1.8 percent between 2013 and 2014, a major change of course after five years of decreases.
For the first five months of 2015 there were 105 condos sold in downtown Milwaukee, down 1 percent from the same period 2014. Average sale prices for downtown condos during the first five months of the year are up 20 percent over the first five months of 2014, at $355,846. But they are still a ways away from 2007’s average of $413,453.
“With no supply being added to the downtown condo market, the law of supply and demand would dictate price increases in the future,” Ruzicka said.