While metropolitan Milwaukee home sales may have decreased in September by 4.2%, Greater Milwaukee Association of Realtors President Mike Ruzicka cautioned it’s not necessarily a sign of a trend of declining home sales.
He said in the Tuesday report the “4.2% slide was most likely due to an exceptional month one year ago.”
Overall, home sales in the four-county metropolitan Milwaukee region was strong for 2021 with an increase of 8.9% compared to the third quarter for 2020.
During the third quarter, Washington County had the most significant increase in home sales out of the four counties at 20.5%. All three other counties saw a decline: Milwaukee at 3.8%, Waukesha at 6.8% and Ozaukee at 1.3% During the month of September, home sales only increased minimally in Waukesha County at 0.2%. The sales dipped 5% in Milwaukee County, 0.9% in Washington County and 19.6% in Ozaukee County.
According to Ruzicka, unit sales of properties in the mid- and upper-end of the market ($300,000 to $500,000) increased during the month of September while homes listed for sale in the $100,000 and $200,000 market segments were down or flat during the month. He attributed the decline to tight inventory, not a decrease in demand.
In addition, new listings were down 2.5% for the second month in a row in September, Ruzicka said, but overall they were up 8.3% through the third quarter.
“However, the third quarter total is mixed, with Waukesha and Ozaukee counties down for the year. The dearth of listings in those two counties is, again, the result of too few houses and condos available to satisfy demand,” Ruzicka wrote.