Metro area home sales down nearly 10% in April

The number of home sold in the four-county metro Milwaukee area were down 9.9 percent in April to 1,420 compared to 1,576 in April of 2013, according to the latest report from the Greater Milwaukee Association of Realtors.

It was the fourth consecutive month of year-over-year home sales decline for the metro area.

“The bitter winter weather could have had a suppressing effect on prospective sales,” said GMAR President Mike Ruzicka.

As the weather continues to warm up many Realtors are optimistic that the real estate market in the area will also heat up.

“Despite a slower market, area brokers do not seem to be too concerned about a long-term trend,” Ruzicka said. “In fact, they’re very bullish on the market, with agents busy helping prospective buyers and many reports of multiple offers on properties, 2014 looks like a solid year.”

A recent report on WISN-TV Channel 12, a media partner of BizTimes Milwaukee, said that some buyers and Realtors in the area are finding a hot and competitive market in some parts of the region.

Listings of homes placed on the market in the area increased by 8 percent in April to 3,052, compared to 2,827 in April of 2013. The inventory level, the time it would take to sell all of the homes currently on the market, for April was 7.5 months, up from 6.7 months in March, the GMAR report said.

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