Metropolitan Milwaukee home sales were down 13.7% in June versus June of 2019, while the price of homes increased 5.6% for the month, according to the Greater Milwaukee Association of Realtors.
The association noted in its monthly housing market report that the market “was stout in June” and the second quarter of 2020, despite the year-over-year decreases during the time period.
The 13.7% dip in sales is for the four-county region including Milwaukee, Ozaukee, Washington and Waukesha counties. Sales for the southeast region were down 10.1%. The region also includes Kenosha, Racine and Walworth counties.
Through the second quarter, sales in the metro market were down 7%, and in the southeast region were down 7.5%.
Average sale prices were up in all seven counties in the second quarter. Prices went up 5.6% in the metro area and 6.3% in the southeast region. This isn’t surprising, noted GMAR, given the lack of inventory. This is especially true for properties priced under $300,000.
Listings were down by 7.9% in the metro area and down 7.5% in the southeast region in June. Likewise, listings were down 9.8% in the metro area and 10.5% in the region for the second quarter.
Seasonally adjusted inventory for June was 3.4 months, up from 3.1 months in May but down from the 4 months of inventory recorded in June 2019. The inventory levels indicate how many homes were on the market to meet current demand.
The inventory level shows a continued seller’s market. A balanced market is generally viewed as six months of inventory, with anything over that indicative of a buyer’s market.
According to GMAR, brokers were happy with the volume and pace of the market the last couple months despite the ongoing coronavirus pandemic. Before the outbreak, the only thing slowing down the market seemed to be the availability of homes for sale.
“There was a great deal of fear that coronavirus would severely impact the market, but, beginning with the state’s ‘Safer at Home’ order, which declared real estate an essential service, sellers and buyers continued to be active,” GMAR noted in its report. The group said that buyers have remained active online, and sellers have asked real estate agents to continue marketing their homes safely.
