Home listings across the Milwaukee area were down more than 5 percent in November, but sales were still up 5.3 percent for the month, continuing the year-long trend of lack of inventory and strong buyer demand.
Last month 1,540 homes sold compared to 1,463 in November of 2016. Comparing the numbers to 2015, sales were up 30.3 percent.
Every county except Ozaukee saw a decline in listings in November and each of the four counties saw an increase in sales. Most notably, Milwaukee County saw a decline of 6.2 percent in listings in November but still an increase of 7 percent in home sales.
The seasonally adjusted inventory level for all price points in November was 3.9 months, down from October’s 4.5 months. The seasonally adjusted level was 4.6 months in November 2016.
Six months of inventory is generally regarded as a “balanced” market, in which sellers and buyers are evenly matched in price negotiations.
If inventory goes below six months sellers often see higher prices, when the price of their property is bid up from offers and counter-offers.
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