July sixth consecutive month with home sales growth
Metro area up 12.1%, Washington County sees 34.2% increase

By Katherine Michalets - Freeman Staff

Aug. 12, 2015

Milwaukee, Waukesha, Washington and Ozaukee counties all saw increases in the number of homes sold in July when compared to 2014. Washington County had the largest percentage increase at 34.2 percent while Milwaukee had the most homes sold at 1,098.
Source: Greater Milwaukee Association of Realtors

WAUKESHA - It’s been nothing but good news out of the real estate industry in recent months, and on Monday the Greater Milwaukee Association of Realtors announced that July was the sixth straight month of positive sales and the fifth month in a row of double digit sale increases.

In the metropolitan Milwaukee market, home sales increased 12.1 percent in July, compared to the same month in 2014. In July of this year, 2,199 homes were sold compared to 1,962 the same month in 2014. 

Leading the four-county metro area was Washington County with a 34.2 percent increase in home sales for July (236 homes sold), compared to July of 2014a. Ozaukee County had an increase of 27.4 percent, (172 homes sold), Waukesha County sales grew by 15.1 percent (693 homes sold), and Milwaukee County saw an uptick of 5.2 percent (1,098 homes sold), when comparing the same periods. 

“The housing market is functioning very efficiently,” according to Monday’s GMAR report. “Buyers are out in force and very active. Sellers are pricing their homes correctly, with many homes in ‘move-in’ condition receiving multiple offers. Overall, the market appears to be balanced, with neither the buyer nor the seller dictating pricing.”

According to the report, the amount of inventory remains tight in 2015. The seasonally adjusted inventory level for July was 7.4 months, down from June’s 7.7-month level. The seasonally adjusted level was 8.5 months in July 2014.

Listings have been increasing; however, with each month in the first quarter having double digit growth, but since then only one month has had increase. In July, the metro area home listings increased by 3.1 percent, compared to 6.5 percent for Waukesha County, 2.5 percent for Milwaukee County, 1.2 percent for Ozaukee County and decline of 2 percent for Washington County.

www.gmar.com

Email: kmichalets@conleynet.com