The number of homes sold in the four-county metro Milwaukee area surged in March to 1,522, a 25.6 percent increase from 1,212 homes sold in March of 2014.
Metro area home sales were up 9.2 percent in the first quarter to 3,272, up from 2,996 homes sold in the area during the first quarter of 2014.
“The 2015 market is solid, thus far. However, the performance we saw in March is partly due to the conditions present in March 2014,” said GMAR president Mike Ruzicka. “At that time, distressed sales had left the market and were replaced by a healthy ‘traditional’ (first-time/move-up/empty-nest) market, but we also had low inventory levels – holding back buyer purchases.”
Home prices also rose throughout the metro area during the first quarter. First quarter home sale prices by county:
- Washington: $210,868, up 9 percent
- Milwaukee: $139,572, up 7 percent
- Waukesha: $265,222, up 5 percent
- Ozaukee: $266,153, up 0.3 percent
“Despite all the positive news in 2015, the market does have its challenges,” Ruzicka said. “Tight credit standards and low inventory are a drag on the market. Nonetheless, there were more positives than negatives in the first quarter, and the rest of 2015 is shaping up to be a very good year for real estate.”
