The metropolitan Milwaukee residential real estate market continued its record-setting pace in July, with a 5.6% year-over-year increase in home sales for the month.
That's according to the latest report from the Greater Milwaukee Association of Realtors, which also noted that July was the fifth consecutive month sales were ahead of the same month's sales in 2020.
July was also the first month that allowed GMAR to compare the post-lockdown boom of 2020 to current sales. The boom lasted through the fall and into winter following a spring sales slump due to the COVID-19 pandemic and statewide shutdowns.
However, the July increase was not universal throughout the four-county metro area. Milwaukee County saw the biggest increase in sales at 14.3% over July of last year. But sales in Ozaukee County dropped 17.9%. Washington County saw a 13.4% climb, while Waukesha County saw a drop of 5.8%.
The entire southeastern region recorded a 2.3% increase in sales. Racine County saw a 2.8% increase over July 2020, while Kenosha and Walworth counties saw declines of 7.5% and 19.5%, respectively.
Another sign of optimism for July, noted GMAR, was the increase in the number of homes listed for sale.
Inventories climbed 10.9% over last July, continuing a five-month streak of increasing inventories.
But there is still a significant shortage of more than 5,600 units, said GMAR. That is how many units the organization estimates is needed to satisfy current demand.
The strong seller's market continues, as there was only enough inventory to satisfy 3.1 months of demand (the amount of time it would take to sell all of the homes on the market at a given time). Subtracting all listings that are active with offers, most of which turn into a sale, the inventory for July stood at 1.3 months.
A balanced market is six months of inventory.