Milwaukee area home sales up 15% in January

Home sales in the four county metro Milwaukee area continue a stead rise.

Home sales were up 15 percent in January to 874 compared to the 760 homes sold in January of 2012, according to the latest report from the Greater Milwaukee Association of Realtors (GMAR).

January was the 19th consecutive month of year-over-year home sale increases for the metro area. The 874 homes sold in January were the most for the month since 971 were sold in January of 2007.
Meanwhile, the inventory of homes for sale on the market remains low as many potential sellers are waiting for prices to rise.

There were 1,889 homes in the metro area listed for sale in January, down 13.7 percent from January of 2012, according to the GMAR. January’s listings were the lowest for the month since 2000, when 1,784 homes were listed for sale in the area.

“A major reason for the lackluster level of listings is sellers’ fear of not getting a good price for their home,” said Mike Ruzicka, GMAR president. “Certainly, sellers will probably not fetch prices from the peak of the market, however prices are starting to stabilize in many areas, though buyers are demanding concessions to complete a sale. We cannot say with confidence that the Milwaukee market will see prices rise universally in 2013, but with consumer confidence and employment stable, and with interest rates historically low, many areas of our market could see some appreciation as we move through the year.”

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