October home sales in metro area up 9 percent

Ozaukee County sees most dramatic increase

Home sales in the metro Milwaukee area were up 9 percent in October, marking the 23rd month of positive sales prices and the strongest October in 11 years.

Cash sales in the Milwaukee area have decreased year over year.
October had the strongest home sales in 11 years.

There were 1,697 homes sold in the area during October compared to 1,844 in October 2015.  The 1,697 unit sales in October was the highest sales level for that month since 2005, when 1,659 units were sold.

All four metropolitan area counties are experiencing strong market conditions for October. However, given the demand that exists, the market probably would have seen higher sales if the pool of inventory was bigger, said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors.

“The lack of listings under approximately $350,000 has slowed buyers’ searches, and in some cases prevented them from acquiring a home,” Ruzicka said.

In Milwaukee County, home sales in October were up 5.6 percent. Ozaukee County saw the highest increase, with a 63 percent jump. There were 136 homes sold last month in Ozaukee County, compared to 83 in October 2015.

October continued the two year trend of reduced listings, dropping 7.9 percent from the year before.

The seasonally adjusted inventory level for October was 5.2 months, down from September’s 5.5 month level.  The seasonally adjusted level was 6.4 months a year ago. A general rule of thumb in real estate is that a 6 month seasonally adjusted inventory level points to a “balanced” market.

 

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