Home sales in the four county metro Milwaukee area were up 75 percent in November.
Home sales in the four county metro Milwaukee area (Milwaukee, Waukesha, Ozaukee and Washington counties) were up 75 percent in November compared to November of 2008, according to housing statistics released by Metro MLS Inc.
The metro area had 1,369 home sales in November, compared to 783 in November of 2008.
It was the sixth consecutive month of home sale increases for the metro area. Homes sales were up 34 percent in October and were up between 3.3 percent and 9.8 percent during June through September.
November was the third consecutive month that the region’s home sales outpaced the corresponding month in 2007. Metro Milwaukee home sales in November of 2007 were 1,126, or 21.6 percent lower than in November of 2009.
In November homes sales were up 68 percent in Milwaukee County, 70 percent in Waukesha County, 114 percent in Washington County, 119 percent in Ozaukee County, 87 percent in Racine County, 23.3 percent in Kenosha County and 42 percent in Walworth County.
The federal $8,000 tax credit for first-time homebuyers, which was to expire at the end of November, was a major reason for the month’s surge in sales. Congress has since extended to tax credit to April 30 (for sales that close by June 30), now providing a $6,500 tax credit to all home buyers.
“Brokers are happy that the federal tax credit has been extended, and the manner in which it will expire in 2010 will benefit consumers,” said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. “Prior to the Nov. 30 deadline, many buyers were confused about what the deadline meant, thinking that as long as they made an offer that was accepted by the seller they could take advantage of the tax credit, not realizing that the deal had to be settled by the end of the month.”
Sales are expected to slow down in December, which is usually a slower month, without the pre tax deadline rush.
The housing market remains a buyers market and listings of homes for sale are still down, according to the MLS data. Home listed for sale in the Milwaukee area were down 1.8 percent in November. Washington County, however, had an increase in listings of 9.7 percent.
