Home sales in metropolitan Milwaukee were up 15.3% in April versus the same month in 2020, which signals continued strong demand and reflects the weak pandemic-stricken spring last year.
According to the Greater Milwaukee Association of Realtors, 1,840 homes were sold in the four-county metro area last month, compared to nearly 1,600 sold in April 2020. The metro area includes Milwaukee, Ozaukee, Washington and Waukesha counties.
GMAR noted in its monthly market report that this is a reflection of the pandemic. Last April’s home sales were down 9.2% from 2019, due to the COVID-19 outbreak and statewide shutdown orders. Compared to 2019, last month’s sales were up 4.7%. But they were down 0.2% compared to April 2018.
Sales grew highest in Ozaukee County, at 25.6% greater than 2020. The slowest growth came in Waukesha County, a 4.3% increase from April of last year.
The entire southeastern Wisconsin region saw year-over-year sales growth of 17.4%. The region also includes Kenosha, Racine and Walworth counties. Walworth County had the highest sales growth for the month, at 50.5%.
Listings in April were up 46.6% from 2020, again a result of the weak market last spring. April 2020 listings were down 33.8% compared to the year prior. April 2021 listings were down 3% from 2019.
The market is still suffering form “a significant listing deficiency,” GMAR said. Inventories in April was 2.4 months, meaning there were enough homes listed for sale to meet 2.4 months’ worth of current demand.
Subtracting homes that were active with offers (most of which turn into a sale), the inventory level stood at 0.6 months.
A balanced market is 6 months. GMAR stated another 6,000 units would be needed to reach that level.
Listings for the entire region were up by a similar amount, 46%, over last April.
The highest increase in listings came in Milwaukee County, at 58.4%. Washington County had the smallest year-over-year jump in listings, at 25.8%.