The downtown Milwaukee condo market, which has been in a major downturn since the Great Recession, is showing signs of life.
Sales of condominiums in downtown Milwaukee rose from 23 units in April of 2011 to 51 units in April of 2012, a 122 percent increase, according to the Greater Milwaukee Association of Realtors (GMAR).
In addition, there are currently 24 pending downtown condo unit sales, according to the GMAR.
“The dramatic increase (in downtown condo sales) is due to an overall improvement in the residential housing market as well as a limit on new units available in the downtown market,” said Mike Ruzicka, GMAR president.
For the first four months of the year downtown condo sales are up 41 percent compared to the first four months of 2011, according to the GMAR.
