Home sales in the metro Milwaukee area were down 6.8 percent in the third quarter, compared to the third quarter of 2009, according to the latest MLS data released by the Greater Milwaukee Association of Realtors. In the four-county metro area there were 10,310 sales in the third quarter, compared to 11,057 sales in the third quarter of 2009, a decrease of 6.8 percent.
The prices of homes sold in southeastern Wisconsin have increased this year, after bottoming in 2009. The average sale price in the four-county metro Milwaukee area increased 2 percent in the third quarter to $224,569, compared to the 2009 third quarter.
The average price of homes sold in Milwaukee County was $145,844 in the third quarter, up 6.9 percent compared to $136,382 in the third quarter of 2009. The average price of homes sold in Waukesha County was $271,844 in the third quarter, up 1.1 percent. The average price of homes sold in Washington County was up 1.8 percent to $198,742 in the quarter. The average price of homes sold in Ozaukee County was up 0.6 percent to $281,846 in the quarter.
For the entire 8 county southeastern Wisconsin region home prices for all of 2010 have sold for an average sale price of $185,048 up 2.8 percent compared to an average sale price of $179,970 for homes in the region during 2009.
“Statistically, we will continue to see a decrease in transactions through the rest of 2010, because sales will probably be down compared to the fourth quarter of 2009 when the first-time homebuyer tax credit fueled sales ahead of the expected expiration of the credit on Nov. 30, 2009,” said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. “Realtors are cautiously optimistic that the market bottomed-out this summer. Sales dropped sharply after the federal tax credits ended in April, falling to 885 in July, but bounced back in August and September to 946 and 932, respectively, as buyers took advantage of a deeply discounted market. Interestingly, while much of the industry’s focus has been on the sales side of the market, new inventory has also scaled back to levels we last saw in the early 2000s. However, inventory is still at a high level with 14.3 months of supply currently in the market.”
