MILWAUKEE - Home sales in the four-county
Metropolitan Milwaukee real estate marketplace dipped
slightly in August, according to a new report from the
Greater Milwaukee Association of Realtors.
The report states there were 1,821 homes
sold last month in the area - which is made up of
Waukesha, Milwaukee, Washington and Ozaukee counties -
compared with 1,862 sold in 2013, a 2.2 percent drop.
The biggest drop came in Ozaukee County,
where sales in August decreased by 23 down to 128
compared with 2013. Waukesha County also recorded a drop
of 4 percent (584 in 2013, 562 in 2014), while Milwaukee
and Washington counties both saw minimal gains.
Listings also decreased for the first
time in the last six months in August, as there were
only 2,429 new homes added to the market. In August 2013
there were 2,492 listings. Washington County saw a 13
August was the eighth month in 2014 that
saw lower sales than last year. However, the report
states that last year’s sales were boosted by the sale
of several distressed properties. This year’s buyers are
more “traditional,” characterized as first-time buyers,
families looking for a larger home and empty-nesters
moving into a new home or condo.
Despite sales numbers dropping from this
point a year ago, brokers and agents remain enthusiastic
about the metropolitan real estate market, according to
the report, mainly because of the quality of buyers.
Other reasons for optimism include an increasing
inventory, high buyer interest and sellers expectations
of realistic prices.
Through August, GMAR is projecting sales
for the year at approximately 16,331 units, which lag
about 10 percent behind 2013’s totals, but would be
about equal with 2012.