January home sales in the metropolitan Milwaukee area were up 13.8 percent in January, marking the 12th consecutive month of increased sales for the area.
During the first month of the year, 933 homes were sold, compared to 820 in January 2015, according to the latest data from the Greater Milwaukee Association of Realtors.
All indicators are pointing to a continued trend of “traditional” buyers, including first-time buyers, move-up buyers with children looking for a larger home, and empty-nesters moving into a condo.
January was the sixth consecutive month of decreased listings and with only 1,788 listings, January hit a 16-year low for listings. The seasonally adjusted inventory level (the time it would take to sell all of the homes on the market at a given time) for January was 4.9 months, down from five months in December.
“The last time listings were lower was January of 2000, when 1,784 homes were listed,” said Mike Ruzicka, president of GMAR. “Last month was also the sixth January in a row of declining listings, year-over-year, down from 2,719 at the height of the recession in January 2010.”
With inventory levels such as this, the market will see price pressure in the coming months, Ruzicka said.
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