June home sales on par with last year
Region behind 7.3% - through the second quarter

By Dwayne Butler - Freeman Staff

July 16, 2014

MILWAUKEE — Single-family home sales in June were all but even with the same month a year ago in the four-county metropolitan Milwaukee real estate market, according to data released Tuesday 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, sold 1,924 homes compared with 1,925 in June 2013.

The strong June push improved the overall numbers through the second quarter, but sales remained behind 7.3 percent when compared with the same period in 2013.

“While June technically marks the sixth straight month that the market saw a decrease in year-over-year sales, a one-unit decrease is basically even considering overall sales volume of almost 8,000 units,” a GMAR news release said.

Milwaukee County sold 1,008 homes in June, a 3.2 percent improvement over June 2013; they were the only county among the four to post positive numbers in June. However, the county is 5.8 percent behind last year’s pace.

Waukesha County sold 622 single-family homes in June, but was behind 1.1 percent from June 2013. The county is behind 8.8 percent through the second quarter.

Washington County and Ozaukee County were behind 8.5 and 6.9 percent, respectively, in June.

The number of homes on the market in the four-county region catapulted 11.2 percent in June versus the same month in 2013. That marks the fifth consecutive month of listing growth, the GMAR said.

Waukesha County had a whopping 21.4 percent increase in June and is up 5.2 percent through the second quarter. Milwaukee County had a 7.9 percent increase, and Washington County was up 17.3 percent. Ozaukee County was down nearly 12 percent.

The listings spike pushed the inventory level in June to 8.5 months, slightly above May’s 8 month level. If the 2,006 listings with an active offer are subtracted from current listings of 10,274 as of Tuesday, the inventory level is effectively at 5.8 months, a hair above the 5.6 May monthly level. June’s effective inventory level in 2013 was 5.5 months.

“A spike in listings in June would seem to lend proof to the theory that home sales were held back in the first half of the year due to a lack of inventory for buyers to choose from,” a GMAR release said.

The average price of a home in the four counties through the second quarter was $219,684, just 0.4 percent off the pace of last year. Milwaukee County gained 4 percent to $143,890 through June. Fourteen of the 19 municipalities saw average price increases of $6,086 in the county.

Waukesha County’s average sale price grew to $272,935, a 1.2 percent increase. Nineteen of the 29 municipalities in the county saw average price appreciations of $3,263.

All four counties saw decreases in the average number of days on the market.

“It is difficult to determine if June is the beginning of a trend, with sales at or above the previous year and added supply, but insiders do not seem to be concerned,” a GMAR release said.

The GMAR projects sales for the year will fall in the vicinity of 16,013 units. That figure is based on the first six months of 2014, plus the average of the final six months over the last three years, it added.