WAUKESHA - The
harsh winter is being blamed for a slow real estate market in
metro Milwaukee during the first three months of 2014.
Home sales in the
four-county region were behind 10.2 percent in the first quarter
of 2014 compared with the same period a year ago, according to
statistics released Friday by the Metropolitan Listing Service,
a wholly owned subsidiary of the Greater Milwaukee Association
of Realtors. The region, which includes Milwaukee, Waukesha,
Ozaukee and Washington counties, also experienced a 14.6 percent
decline in March.
four-county region sold 3,254 homes from January through March
2014 compared with 2,921 homes from January-March 2013.
County experienced a 12.5 percent decline with 753 homes sold
versus 861 last year. Milwaukee County declined 10 percent with
1,709 homes sold versus 1,898 last year. Washington County and
Ozaukee County had drops of 7 and 7.7 percent, respectively.
reported that a slow March impacted the first-quarter figures;
sales were down 208 units compared with the same month a year
earlier. January and February were down 28 and 97 units,
respectively, it added.
County sold 326 homes in March, but that number was down 18.3
percent over the same month in 2013. However, it was just 3.8
percent behind the 2012 March figures.
County (down 14.4 percent), Ozaukee County (2.4 percent) and
Washington County (12.9 percent) all posted negative numbers in
“That is an
sign of just how cold and long the winter was; each month saw
progressively worse sales performance compared to last year,”
GMAR President Mike Ruzicka said in a statement.
On the plus
side, prospective buyers saw a jump in listings. The market
increased by 2.7 percent for the first quarter of 2014 and 6.6
percent in March, a sign that sellers could see an uptick in
spring sales, the GMAR said. The four-county area had 6,506
homes on the market compared with 6,506 in the first quarter of
County (0.9 percent), Milwaukee County (5 percent) and Ozaukee
County (2.7 percent) all had higher listing numbers, while
Washington County declined by 5.6 percent.
inventory level was 6.7 months, which could be a sign of a very
healthy spring market, the GMAR said. However, the GMAR pointed
out that if the 1,726 listings with an active offer are
subtracted from current listings of 8,759, the inventory level
drops to 4.8 months.
the GMAR is optimistic that an increase in listings should fuel
a robust spring and summer market.
thermometer rises, we will see more listings added to current
inventory in anticipation of a busier market in April. The cold
weather just pushed off the start of the busy season by about 30
to 45 days,” the GMAR said.