Metro Milwaukee home sales up 1.8% in November

The number of homes sold in the four-county metro Milwaukee area increased 1.8 percent in November, compared to November of 2013, according to the latest report from the Greater Milwaukee Association of Realtors.

There were 1,126 homes sold in the metro area in November, up from 1,106 sold in the area in November of 2013. The biggest increase was in Waukesha County which had 366 home sales in the month, up 21.6 percent. Home sales in Milwaukee County dipped 8.4 percent in the month to 577.

Sales in the area were down for the first eight months of the year but have picked up in the last three months. Year-to-date sales are down 3.4 percent in 2014 to 15,895.

“That has occurred in light of a very different sales climate,” said GMAR president Mike Ruzicka. “ 2013 was still a relic of the recessionary market, filled with distressed properties; whereas 2014 has evolved into a more ‘traditional’ one with first-time buyers; move-up buyers with children looking for a larger home; and empty-nesters moving into a new home or condo.”

Listings of homes for sale in the area increased 5.6 percent in November. The inventory of homes for sale (the amount of time it would take to sell all of the homes currently on the market) was 7.1 months in November, down from 7.9 months in October and up a bit from 6.8 months in November of 2013.

“The rebound in sales during the last three months (September – November) has boosted broker and agent enthusiasm about the upcoming New Year,” Ruzicka said. “ The quality of buyers is a major reason for their enduring confidence.  Additionally, inventory, though tight, is decent, buyer interest remains high, and sellers can expect realistic prices (with some move-in ready properties seeing multiple offers), all combine for a solid market.”

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