After months of decline, home sales increase in November

Freeman Staff

Dec. 12, 2018

WAUKESHA — Homes sold in metro Milwaukee increased in November but only slightly at 0.6 percent, according to data released Tuesday by the Greater Milwaukee Association of Realtors.

Home sales declined by 5.7 percent in October, 6 percent in September and 1.6 percent in August when compared to the same month in 2017.

In November, there were 1,549 homes sold, 49 more than November 2017 for the four-county metropolitan Milwaukee area, which includes Milwaukee, Ozaukee, Waukesha and Washington counties. Ozaukee County saw the greatest increase in home sales last month at 6 percent with 106 units, compared to Waukesha County at 4.6 percent with 433 units sold. Both Washington and Milwaukee counties had a decline in home sales in November. Milwaukee County had 1.3 percent fewer homes sold with a total of 858 units. Washington County sales declined by 3.2 percent with a total of 152 units sold last month, according to GMAR.

“The two counties that saw a decrease in sales, are also known for having more affordable inventory,” reads the report by Mike Ruzicka, president of GMAR. “The decrease could be attributable to the recent increases in interest rates, which often push those on the margin out of the market first.”

For the year, sales are down 56 units from 2017. There were 19,346 total sales in the first 11 months of the year compared to 19,402 in 2017, a 0.3 percent decrease, according to the report.

Listings increased 8.9 percent for the four-county region, with Waukesha County leading the group with a 14.3 percent increase. Ozaukee County went up 8.5 percent followed by Milwaukee County at 7.9 percent. Washington County saw no increase or decrease.

“The 4-county area only saw an increase in listings in three months all year, July, October and November. There were 117 more listings in November than in November 2017, the largest increase all year,” reads the report from Ruzicka. “Total listings are down for the year, however. Since the beginning of 2018, the 4county metropolitan area had 24,953 homes listed, 4.2 percent behind 2017 (26,036).”