MILWAUKEE — Homes sales in the
metropolitan Milwaukee area continued their upward trend in
October with an increase of 4.6 percent when compared to the
same month one year ago. There were a total of 1,555 homes sold
in October in the four-county region, compared to 1,487 in
October 2014, according to the Greater Milwaukee Association of
If the total number of homes
sold last month is compared to October 2013’s total, sales
increased 8.4 percent.
According to the GMAR,
October was the ninth consecutive month of positive sales this
year, and three of the four metropolitan counties had positive
sales with Ozaukee County only three units off from being on the
Washington County had the
highest growth of home sales last month at 13.1 percent with a
total of 155 homes sold compared to 137 in October 2014.
Waukesha County followed at 5 percent and Milwaukee County had a
3.7 percent increase. Ozaukee County was down 3.5 percent with a
total of 83 homes sold in October compared to 86 in October
“The market is running
smoothly, but not overheating. Buyers are active this fall,
many homes in ‘move in’ condition are receiving multiple offers,
inventory is very tight, and there is some upward price
pressure,” said GMAR President Mike Ruzicka in the release.
“These conditions usually encourage buyers to test the waters,
and, as prices creep upward, sellers to consider putting their
house on the market.”
Ruzicka said autumn tends to
be a little slower for home sales, but the season was not as
slow in 2015 as the area typically experiences.
“Buyers need to be prepared
to make a decision on placing an offer on a home quickly, due to
a limited number of houses available in their market segment.
This makes the research phase of home buying all the more
important,” he said.
Listings continue to dwindle
in most of the four-county metro area, according to GMAR. The
only county to see an increase in listings was Waukesha County
at 1.1 percent. Washington County declined by 17.4 percent,
Ozaukee County was down by 8.7 percent and Milwaukee County
dipped 1.1 percent.
Ruzicka said the real estate
industry saw the introduction of the TILA RESPA Integrated
Disclosure process in October. It is a revised disclosure
process from the Consumer Financial Protection Bureau and part
of the Dodd–Frank Wall Street Reform and Consumer Protection Act
of 2010. He said it appears the transition has gone well with
the new process and the new disclosures being integrated into