High demand for homes in June drives market

Freeman Staff

July 13, 2017

WAUKESHA COUNTY - Those looking to sell a home in Waukesha County this summer are in luck. Homes in the area are selling quicker and for higher prices than they were a year ago, and that's not expected to change any time soon.

The only difficulty is finding another house in this market to move into.

According to a report from the Greater Milwaukee Association of Realtors, Waukesha is leading the charge out of the recession with its housing market bouncing back with vigor. The average house is selling for $317,570 with only 54 days on the market, compared to $291,239 and 73 days in the second quarter of 2016. Housing prices in Waukesha County are increasing much quicker than Milwaukee, Ozaukee and Washington counties.

But the number of listings isn't rising to meet the demand. The number of homes for sale in Waukesha County dropped from 4,426 last June to 4,203 this year, according to the report.

Mike Ruzicka, president of the GMAR, said good school districts are one of the biggest drivers of housing demand. He pointed out several communities in Waukesha County that are "hot" right now because homes are seeing the fewest days on the market. The communities are Brookfield, Delafield, Elm Grove, Menomonee Falls, Merton and Muskego.

Ruzicka said houses generally sell between 30 to 60 days, sometimes upwards of 90 days. In 2012, averages were around 90 to 100 days. But with averages at 54 days in Waukesha County, it means the housing market is very tight.

Looking to the future, Ruzicka said these trends will force changes in the community with people demanding new construction in order to get the homes they want. Housing prices will likely relax from their rapid increase due to the influx of new construction, he said.