house for sale at the corner of northwest Barstow Street
and Buena Vista Avenue.
Charles Auer/Freeman Staff
According to data released Tuesday by the Greater
Milwaukee Association of Realtors, 1,461 homes sold in
March compared to 1,522 in March 2015 for Waukesha,
Washington, Ozaukee and Milwaukee counties. Compared to
March 2014, sales were up 20.5 in March 2016.
Despite the decline in sales, March was the second
strongest March in nine years, according to the GMAR.
However, Washington County bucked the regional trend and
was up 14.9 percent, led by strong sales in West Bend,
according to the data.
Waukesha County, sales declined 6.9 percent in March,
while Milwaukee County went down 3.4 percent and Ozaukee
County tumbled 22.5 percent.
During the first quarter of 2016, the metro Milwaukee
home sales market had 3,375 total sales, compared to
3,272 in 2015, a 3.1 percent increase.
discrepancy between the March and first quarter sales
totals appears to be due to a lack of inventory. In
January and February there were barely enough listings
to meet the demands of buyers. However, in March there
were even more buyers searching, but not nearly enough
homes available to them. Their searches took longer and
stretched out a few more weeks, resulting in fewer sales
in the month,” according to the report prepared by GMAR
President Mike Ruzicka.
“Anecdotal evidence shows that listings are on the rise
for April. Brokers are reporting that more sellers are
contacting them about listing their homes in the
upcoming spring/summer market in contrast to last year.”
Milwaukee and Washington counties experienced an
increase in home sales during the first quarter.
Milwaukee County’s went up by 3.3 percent and Washington
County saw a 17.4 percent uptick. Waukesha County sales
during the first quarter declined by 0.2 percent and
Ozaukee County dropped 3.9 percent.
According to the GMAR, March was the eighth consecutive
month of decreased listings at minus 7.5 percent. Each
month in the first quarter saw strong decreases in
year-over-year listings (minus 2.6 percent in January,
minus 7 percent in February).
seasonally adjusted inventory level for March was 5.5
months, up slightly from February’s 5-month level. The
seasonally adjusted level was 7.1 months a year ago for
Generally, it’s believed a six-month seasonally adjusted
inventory level points to a “balanced” market.
prices continue to increase
Prices for homes in the metro Milwaukee area also
continue to increase due to the lack of inventory.
four metropolitan counties saw healthy double-digit
price increases in the first quarter. Milwaukee County
had the most communities with price increases with 18 of
19 communities in positive territory,” according to the
Ozaukee County sale price increased by 13 percent
compared to the first quarter of 2015. Milwaukee County
sale price increased by 11 percent and both Washington
and Waukesha counties saw an increase of 7 percent
during the first quarter.
“While increasing prices are a welcome condition for the
market, sellers should not get carried away thinking
their property will sell ‘as is’ as was often the case
in the pre-recession market. Properties must be in good
condition, priced correctly for their neighborhood and
marketed accurately to capture top dollar,” reads the
Ruzicka said in his report that while the metropolitan
Milwaukee market is starting its fourth year of
post-recession sales, the market has not recovered