According to statistical data from Metro MLS Inc., 20,071 homes were sold in the Milwaukee area during 2006, a 7.3 percent decrease from the 21,642 homes sold in 2005.
According to statistical data from Metro MLS Inc. (MLS), a wholly owned subsidiary of the Greater Milwaukee Association of Realtors (GMAR), 20,071 homes were sold in the Milwaukee area during 2006, a 7.3 percent decrease from the 21,642 homes sold in 2005.
However, according to the GMAR, 2006 was still the third-best year ever for residential real estate sales in the greater Milwaukee area. The 20,071 units sold in 2006 was 1.7 percent below 2004, the second best year ever when 20,427 homes were sold.
"Despite all the ‘bursting bubble’ panic in the national media, 2006 was a good year in our market," said David Schmidt Jr., owner of Milwaukee-based Dave Schmidt Realty and chairman of the GMAR. "The market was never in a free-fall, it was simply leveling off. That’s consistent with the historically moderate nature of the market in greater Milwaukee."
Listings, or inventory, were up 14.2 percent in 2006, to 39,908, compared with 34,932 in 2005. "That was the biggest difference between this year and past years," according to Mike Ruzicka, president of the GMAR. "We expect 2007 to be in the range of 2004-2006 as far as sales and listings are concerned. With interest rates staying in a very affordable range, overall, 2007 will be a good year."
