Metro Milwaukee home sales increase for first time in 2019

Freeman Staff

June 11, 2019

 A home for sale Monday on Laflin Street at the corner of South Charles Street in Waukesha.
Katherine Michalets/Conley Media Staff

WAUKESHA — For the first time this year, home sales in the metro Milwaukee area increased. The Greater Milwaukee Association of Realtors reported Monday that sales increased 0.7% in May, compared to May 2018.

There were 2,121 homes sold in May 2019, versus 2,136 units in May 2018.

Leading home sales in May was Waukesha County, which had an 8.7% increase when comparing May 2019 to May 2018. Washington County also saw an improvement — a 5.9% increase, while Milwaukee and Ozaukee counties both declined, 3.2% and 2.9% respectively.

“There have only been six times May sales have exceeded 2,000 sales since 2000, in 2005 and 2006, and the last four consecutive years. Sales in the past four years were within a 68 unit range. In 2016 there were 2,111 sales, 2,179 in 2017, and 2,121 in 2018, compared to 2,136 sales this May,” reads the report by GMAR President Mike Ruzicka.

“Given the regional economy — low unemployment, low interest rates — it’s no surprise there was healthy demand for homes by those seeking them. 69% of sales occurred within 30 days of a home being listed, and most of those, 68%, were priced under $300K.”

Home listings overall were down for the metro region.

Milwaukee County new listings declined 6.1% in May, compared to last year, and Washington County also dipped by 3.2%. Waukesha County new home listings increased 1.9%, but Ozaukee County had the greatest increase at 19.8%. The average for the four-county region was a negative 2%.

“The metropolitan market could use an additional 3,670 listings (more than half priced under $300,000) to come close to satisfying current demand. That’s on top of the 6,438 listings currently in MLS,” Ruzicka wrote.