Metro Milwaukee quarterly home sales fall
Home values increase in Waukesha, Milwaukee

By John Holman - Special to The Freeman

Oct. 16, 2014

WAUKESHA - Single-family home sales in the Metropolitan Milwaukee region dropped 4.6 percent from last year’s third quarter, according to data the Greater Milwaukee Association of Realtors released this week.

The four-county region, comprising Milwaukee, Waukesha, Washington and Ozaukee Counties, sold 13,282 homes in third quarter 2014, compared with 13,917 in the same time period last year.

Bob Larson, GMAR Chairman and manager of the First Weber Group office in Waukesha, said in the press release that the market is actually stronger than last year.

“Even though sales numbers are down for the year,” he said, “we’re actually having a better year, because the market in our area isn’t flooded with foreclosures and distressed properties like last year.”

The region’s September home sales improved 3.6 percent, from 1,484 in 2013 to 1,537 this year.

Meanwhile, listings have increased 3.7 percent since last September. January and August were the only months to yield negative figures in 2014.

Waukesha County experienced a 7.6 percent improvement in September home sales but a 5.9 percent decrease between third quarters 2013 and 2014. The 625 homes listed were 6.5 percent more than last September.

Milwaukee County’s home sales dropped 2.7 and 3.2 percent in September and third quarter 2014, respectively. There were 1.9 percent more homes listed in the county this September, adding 25 more than last year.

Despite more listings and fewer sales, average prices in the region were up by 1.1 percent through the third quarter, from $224,833 in 2013 to $227,367 this year.

Prices improved by 1 percent in Waukesha County, from $278,424 to $280,978, and prices appreciated in 22 of its 29 communities.

“We are still seeing competing offers in the Waukesha area,” said Sue Derby, a Waukesha Shorewest Realtors agent. “However, that doesn’t necessarily mean that homes are selling for at or over asking price.”

Milwaukee County led the region with a 5.2 percent price increase, from an average sale price of $142,171 in September 2013 to $149,582 this year.

According to the GMAR press release, the outlook for the housing market is positive,  citing active buyers, favorable interest rates and strong employment numbers.

www.gmar.com