Home Industries Metro Milwaukee home sales down slightly in February

Metro Milwaukee home sales down slightly in February

Fewer homes listed for sale in area

Record year on track for Wisconsin housing market

Home sales in the metro Milwaukee area dipped slightly in February, with 10 fewer homes sold during the month than in February of 2018, according to the latest report from the Greater Milwaukee Association of Realtors.

There were 1,039 homes sold in the metro area during February, compared to 1,049 homes sold in the area during February of 2018.

Home for sale

Extremely cold weather in February hurt sales, according to the GMAR report.

“The fact that sales were only 10 units behind 2018, and the weather was horrible, means there is a healthy amount of demand for homes by those seeking them,” said GMAR president Mike Ruzicka. “A healthy segment of the demand is among first-time and empty-nester buyers, but there simply are not enough listings available, particularly those under $300,000, to satisfy that demand.”

Listings of homes for sale were also down in February. There were 1,523 homes listed for sale in the four-country region during the month, down 14.4 percent from a year ago.

The seasonally adjusted inventory level (the amount of time it would take to sell all of the homes on the market at a given time) for the metro Milwaukee housing market is 2.9 months, which indicates it is a sellers’ market. Generally six months of inventory is considered a balanced market.

“Many homes listed in February will become sales in March and April,” Ruzicka said. “The fact that lists in February were anemic spells a tight sales market on the horizon.”

Read more economic data reports at the BizTracker page.

Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years before being promoted to editor in 2015. An award-winning journalist, Weiland is a five-time winner in the Milwaukee Press Club Excellence in Journalism Awards contest and a three-time winner in the Alliance of Area Business Publishers (AABP) Awards contest. He is also a regular guest on WISN-TV Channel 12's 4 p.m. newscast to discuss the week's most significant business news stories.
Home sales in the metro Milwaukee area dipped slightly in February, with 10 fewer homes sold during the month than in February of 2018, according to the latest report from the Greater Milwaukee Association of Realtors. There were 1,039 homes sold in the metro area during February, compared to 1,049 homes sold in the area during February of 2018. Extremely cold weather in February hurt sales, according to the GMAR report. "The fact that sales were only 10 units behind 2018, and the weather was horrible, means there is a healthy amount of demand for homes by those seeking them," said GMAR president Mike Ruzicka. "A healthy segment of the demand is among first-time and empty-nester buyers, but there simply are not enough listings available, particularly those under $300,000, to satisfy that demand." Listings of homes for sale were also down in February. There were 1,523 homes listed for sale in the four-country region during the month, down 14.4 percent from a year ago. The seasonally adjusted inventory level (the amount of time it would take to sell all of the homes on the market at a given time) for the metro Milwaukee housing market is 2.9 months, which indicates it is a sellers' market. Generally six months of inventory is considered a balanced market. "Many homes listed in February will become sales in March and April," Ruzicka said. "The fact that lists in February were anemic spells a tight sales market on the horizon." Read more economic data reports at the BizTracker page.

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