Single-family home sales in the Milwaukee metro area were ahead for
the third consecutive month, according to a release from the Greater
Milwaukee Association of Realtors.
November sales were
1.8 percent ahead of the same month in 2013. A total of 1,126 homes
sold in November compared with 1,106 during the same time frame in
2013 in the region, which includes Milwaukee, Waukesha, Ozaukee and
For the year, the market has seen 15,895 total sales,
compared with 16,457 in 2013, a 3.4 percent decrease.
Sales for the first eight months of 2014 were behind
about 10 percent from the same stretch in 2013. But the gap has
closed in the last three months, a GMAR news release said.
“That has occurred in light of a very different sales
climate; 2013 was still a relic of the recessionary market, filled
with distressed properties, whereas 2014 has evolved into a more
‘traditional’ one with first-time buyers, move-up buyers with
children looking for a larger home and empty-nesters moving into a
new home or condo.”
Waukesha County had a boom in November sales,
finishing 21.6 percent ahead of the same month a year ago. Ozaukee
County finished 10 percent ahead of last November, and Washington
County was on par. Milwaukee County had a sharp drop in November; it
finished 8.4 percent behind November 2013. The GMAR believes that to
be an anomaly and not the start of a long-term trend.
Listings increased for the ninth consecutive month in
2014; it was ahead in November by 5.6 percent. The 1,458 new
listings pushed the total year-to-date listings in the market to
26,658, 3.8 percent ahead of 2013.
“That is a notable statistic, because it shows
sellers are confident about the price their house will fetch going
into the slowest part of the year for home sales,” the GMAR said in
The seasonally adjusted inventory level for November
was 7.1 months, slightly behind October’s 7.9-month level. The
seasonally adjusted level was 6.8 months in November 2013. If the
1,045 listings with an active offer are subtracted from current
listings, the inventory is effectively 5 months, a slight decline
from October’s 5.5 month level. A year ago, the same calculation
showed November’s inventory level at 4.9 months.
The GMAR said the rebound in sales the last three
months has boosted broker and agent enthusiasm heading into 2015.
The agency projects sales for 2014 will fall in the vicinity of
16,995 units, about 3.6 percent behind 2013.