Milwaukee area housing market cooled in February

The Metropolitan Milwaukee real estate market slowed down in February, with sales falling 5.7 percent compared with a year ago, after starting the New Year on a strong note in January when sales increased 17.9 percent, according to housing statistics by Metro MLS Inc.

Brokers are not overly concerned about the decrease in sales in February, because sales in winter months often fluctuate from year-to-year. Sales in February are the result of purchase contracts that were signed in December or January, and actually closed in February. Therefore, the fall off of 40 sales from February of 2010 could be due to a number of factors, including the timing of closings.

Overall, the Milwaukee market is up 4.8 percent for the year.

Individual counties varied widely last month. Milwaukee County was down 8.3 percent; Waukesha County was up 2.4 percent; Washington County was up 27.5 percent; Racine County was down 16.7 percent; and Ozaukee County was down 34 percent.

As the employment market gradually improves, the company expects more buyers to enter the market fueling momentum for the recovery.

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