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
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
“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
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
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.