Metro Milwaukee home sales still falling

Home sales in the Metropolitan Milwaukee market decreased 11.2 percent through the first 10-months of 2010, compared with the same period in 2009, according to housing statistics by Metro MLS Inc.
The market saw 10,769 sales through October 2010, down from 12,121 a year ago.
The monthly year-to-year decrease of 42.6 percent can be misleading because October 2010 is being compared with the same time in 2009, when buyers were scrambling to take advantage of the federal tax credit; which was to have expired on Nov. 30, 2009.
The Greater Milwaukee Association of Realtors (GMAR) said it will be looking at a longer-term – total sales over the course of the year – to provide the public with a more realistic portrayal of what is happening in the real estate market.
Milwaukee County has seen a 14.5 percent decrease for the year (6,224 in 2010 vs. 7,277 in 2009).
Waukesha County is down 6 percent in 2010 (2,917 sales compared to 3,103 in 2009).
Washington County sales are down 14.6 percent (916 in 2010 vs. 1,072 in 2009).
Ozaukee County actually saw sales increase 4.1 percent (703 in 2010 compared to 675 in 2009).
While much of the focus has been on the sales side of the market, new listings have also scaled back to levels last seen in the early 2000s.  However, inventory is still at a high level with 15.1 months of supply.
For the rest of the year, as long as the economy continues to stabilize, the market conditions in southeastern Wisconsin (consisting of extremely favorable interest rates, low house prices, and plenty of inventory) offer an historically unprecedented opportunity for buyers, the GMAR said.