Last updated on July 2nd, 2019 at 09:12 am
Home sales in the four county metro Milwaukee area increased 13.4 percent in April to 1,610 homes sold, compared to 1,420 homes sold in April of 2014, according to the latest report from the Greater Milwaukee Association of Realtors.
“April was the second month of solid sales this year,” GMAR president Mike Ruzicka said. “Buyers are very active and quality homes, in excellent condition, are sometimes receiving multiple offers.”
Home sales in Ozaukee County were up 31 percent in April to 110, sales in Waukesha County were up 22.9 percent to 477, sales in Washington County were up 15.8 percent to 161 and sales in Milwaukee County were up 6.6 percent to 862.
Low appraisals are preventing even more sales from occurring, Ruzicka said.
“Brokers are reporting that some deals are falling through because of poor appraisals,” he said. “Some appraisers are using market data that is too old and does not reflect current market conditions, resulting in overly cautious appraisals. This may be a lasting result of the credit crisis and recession, which forced lenders and appraisers to be defensive in their estimates.”
Listings of homes for sale in the metro area were up 1.1 percent in April. But more listings are needed to satisfy demand, Ruzicka said.
“Brokers are still reporting that inventory is tight, particularly among move-in ready properties, because the number of buyers looking is high,” he said.
The seasonally adjusted inventory level (the time it would take to sell all of the homes on the market at a given time) for the metro area in April was 7.3 months, up from 7.1 months in March, according to GMAR.