Home sales in the Metropolitan Milwaukee market were up 11.3 percent in March, compared to a year earlier. The first quarter registered a 14.1 percent increase compared to the first quarter of 2012, according to the Greater Milwaukee Association of Realtors (GMAR).
“Since the Great Recession began in 2007, the market saw a precipitous decrease in sales volume,” said GMAR executive director Mike Ruzicka. “Through the first quarter of 2013, however, the Milwaukee metropolitan market has seen an increase in volume that is approaching levels seen at the height of the boom market in the last decade.”
The inventory of homes on the market in the metro area continues to shrink. There were a total of 10,229 homes listed for sale in the area during March, an inventory level (how long it would take to sell all of the homes for sale) of 7.52 months, according to GMAR. In March of 2012, the inventory level was at 12.55 months.
There are some signs that the high level of sales and declining level of inventory is finally resulting in sales price increases. First quarter sales prices: Milwaukee County, $122,344, up 9.2 percent Ozaukee County, $260,655, up 9.2 percent Waukesha County, $262,500, up 5.5 percent Washington County, $182,883, down 3.0 percent
“Despite tightening inventory, for the last several months the Milwaukee marketplace did not see much price pressure until the end of the first quarter,” Ruzicka said.