Metro Milwaukee-area home sales in 2017 were the highest annual total since 2005.
For the year, the market saw 21,357 total sales, compared to 21,007 in 2016, a 1.7 percent increase. 2017 was 8.9 percent ahead of 2015 when there were 19,611 homes sold, according to the Greater Milwaukee Association of Realtors.
During the deepest point of the Great Recession, in 2010, there were only 12,865 homes sold.
In the four-county region, Milwaukee, Washington and Ozaukee county residents sold between 2.5 and 3.1 percent more homes in 2017 than the previous year. Waukesha County residents sold 0.7 percent fewer homes than in 2016.
The number of homes sold in 2017 was a surprise to realtors, who struggled all year with month-after-month of low listings.
December was only the fifth month of 2017 with an increase in listings over the previous year.
The highest period for listings in the greater Milwaukee market was in 2006 and 2007, the years just before the Great Recession hit.
The average sale price in all four counties was up in 2017 compared to 2016 with Ozaukee County leading the way.
The average home in Ozaukee County sold for $331,171 last year, up $21,135 from 2016.
“The four-county area has finally eclipsed the highest average sale price recorded prior to the market crash in 2008,” said Mike Ruzicka, president of GMAR.
The average sales price for 2017 was $266,304, a 1.9 percent increase from $261,280 in 2007.
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