A home for sale on the
corner of Greenfield Avenue and Broadway in Waukesha.
WAUKESHA — Home sales in 2017 not only outperformed
2016, but last year was also the best for residential
real estate since 2005, according to a report released
Monday by the Greater Milwaukee Association of Realtors.
the whole year, the four-county metro Milwaukee market,
which includes Washington, Waukesha, Ozaukee and
Milwaukee counties, had 21,357 sales, compared to 21,007
in 2016, a 1.7 percent increase. Last year also exceeded
2015 by 8.9 percent when there were 19,611 unit sales,
according to the report.
2017, total home sales were the highest annual amount
since 2005 when there were 21,642 unit sales. The year
with the fewest sales was 2010 when the metro region
recorded 12,865 units sold.
Waukesha County was the only county in the four-county
region to see a decline in sales in 2017 compared to
2016. In 2017, a total of 5,998 homes sold compared to
6,038 in 2016, a 0.7 percent downturn.
Milwaukee County sales increased by 2.5 percent in 2017
compared to 2016 (11,828 vs. 11,544 sales), while
Washington County increased 3.1 percent (2,138 vs.
2,073) and Ozaukee County was up by 3 percent (1,393 vs.
the month of December, home sales saw an uptick of 1.5
percent compared to December 2016.
December was the ninth month of 2017 with positive
sales, and the strongest December for sales since 2004.
Ozaukee County really affected the trend upward with a
21.3 percent increase in home sales when comparing the
97 homes sold in December 2017 compared to 80 in
Milwaukee County had a 4 percent increase: 779 units
sold in December 2017 compared to 749 the same month a
Waukesha and Washington counties had a decline in
December. Waukesha County’s total dipped by 5.8 percent
and Washington County declined by 1.6 percent.
the end of 2017, listings of properties for sale
increased by 1.3 percent compared to 2016. The 27,491
units listed were 342 more than in 2016, a year also
characterized by low inventory. Of the four counties,
Waukesha County was the only one to experience a decline
in home listings in 2017, according to the report. It
went down by 3.3 percent.
same was true for year over year when Waukesha County
was the only one to see a decrease in new listings at
minus 3.6 percent. Ozaukee County had the most
significant increase in listings at 36.6 percent when
comparing year over year.
December was the fifth month of 2017 with an increase in
listings, and the 13th month since the beginning of 2015
in positive territory, according to the report.
year also ended on a positive note when it came to
average sale prices of homes, which on average were 6.8
percent higher in 2017 than 2016.
sale prices rose the most in Ozaukee County in 2017 with
a 6.8 percent increase ($331,171 vs. $310,036). Next was
Waukesha County with an increase of 5.8 percent when
comparing 2017 to 2016 ($321,224 vs. $303,503).
Milwaukee County increased by 4.6 percent ($176,012 vs.
$168,319) and Washington County had a 3.6 percent
increase ($236,807 vs. $228,661).
four-county area has finally eclipsed the highest
average sale price recorded prior to the market crash in
2008. The average sales price for 2017 was $266,304, 1.9
percent more than the $261,280 in 2007,” according to
the report. “The market had been creeping back to the
peak price point in recent years. 2016 lagged behind
2007 by 3.4 percent, and 2015 was 7.5 percent behind.
Milwaukee County was the one county that had a decline
in value when comparing 2017 to 2007. The county saw a
dip of 8.7 percent. The average home sold for $176,012
in 2017, compared to $192,844 in 2007.
“Since peak prices were set prior to the Great
Recession, every county, except Milwaukee, has exceeded
its high water mark,” reads the report. “Milwaukee
County’s gap is due to the volume and diversity of
housing units in the city of Milwaukee, and hard-hit
neighborhoods on the north side of the city where values
plummeted. It will probably take two more years for the
city to bounce back.”