The summer ended on a hot note for home sales with a 5.3% increase in properties sold in the four-county metro Milwaukee area in August, according to data comparing August 2020 to August 2019 by the Greater Milwaukee Association of Realtors released Monday.
Leading in sales was Ozaukee County with a 20% increase, followed by Waukesha County at 7.5% and Milwaukee County at 3.9%. Washington County cooled down with a 4% decline.
Home sales increased 3.1% in July in the four-county metro Milwaukee area.
'This year, summer replaced spring as the hottest part of the selling year. After a drop off in April, May, and June, due to attempts to control the spread of coronavirus the real estate market jumped back up beginning in July and that continued in August,” Mike Ruzicka, president of GMAR, wrote in the report. “A declining unemployment rate and historically low interest rates helped fuel buyer interest and sustained a resilient market.”
Sales through August for 2020 were 475 units (3.4%) behind those of 2019.
“The only thing holding back a more a robust market was the availability of listings for sale,” Ruzicka said, adding, “Looking ahead, it will be difficult to match 2019’s 21,133 sales. The 4county market is 7,547 units away from that mark, and in the
last four months of 2019 there were only 6,622 sales. There is a 14% gap between those two numbers, which will be hard to overcome due to the decline in sales during the spring lockdown.”
Average home sale prices also increased in August. According to the GMAR report, August home sale prices were 17.5% higher than August 2019, going from $283,847 in August 2019 to $333,486 last month.
Home listings also increased in August with Washington County seeing the biggest uptick at 12.9%. Milwaukee County went up 12%, followed by Ozaukee County at 4.7%. Waukesha County saw a decline of 7.3%.