Metro area home sales down 1.1% in September, up slightly for quarter

Freeman Staff

Oct. 13, 2017

WAUKESHA — September home sales in the four-county area surrounding Milwaukee dropped 1.1 percent from last year — the third time in 2017 that sales fell.

Sales were particularly low in Waukesha and Ozaukee counties, where affordable homes were likely in short supply after a busy summer. Washington and Milwaukee counties are generally more affordable — priced below $350,000 — and both showed an increase in September sales over last year, according to The Greater Milwaukee Association of REALTORS.

Through the third quarter, Milwaukee County sales rose 1.1 percent, Waukesha County fell about 1 percent, Ozaukee County increased 1.9 percent and Washington County experienced the biggest sales boost with nearly 6 percent more sales than third quarter last year.

The number of homes listed in the four-county area was down in September by about 3 percent, but up by 2.1 percent for the third quarter compared to 2016. The fewest listings over last year are in Waukesha County, down by 3 percent. However, listings were up slightly for the quarter in the four-county area. Sellers would need to list 4,439 homes in the fourth quarter to catch up to last year, according to regional real estate data.

Average sale prices of homes in the third quarter hold true to the law of supply and demand; all four counties in the area continued the five-year run of higher values. Waukesha County homes sold for 7.2 percent higher prices on average than third quarter last year. Washington County sale prices increased by 3.6 percent.

The area’s “hottest markets” with high sales, increased sales price and fewer days on the market were in Bayside, Brookfield, Cudahy, Delafield and Genesee.