Home sales in the four-county metro Milwaukee area were up 9% in May, the fifth straight month of year-over-year increases, according to the latest report from the
Greater Milwaukee Association of Realtors.
Listings of homes for sale in the area during May were up 13.8% year-over-year, the 10
th month in a row of increased listings.
“Listings coming on the market are not lingering, they are being (sold) quickly because of high demand,” the GMAR report states.
The average sale price for a home in the metro Milwaukee area in May was $417,079, a 3.5% increase, according to the report.
The metro Milwaukee housing market continues to favor sellers, the GMAR report indicates.
“Often, when listings increase prices will moderate because buyers have more options and can take their time before making an offer. Today’s market, however, would need several thousand more listings to achieve that kind of equilibrium,” the report states. “Not only are a lack of listings for existing homes a cause of price pressure, but a lack of new construction is a chronic problem that has endured for years.”
However, home construction in the area is picking up. Through April, 644 new home construction permits were pulled in the four-county area, a 52% increase from a year ago, according to GMAR.
“Good news but well below the production level needed to meet demand,” the GMAR report states. “New construction would normally add 3,000 to 4,000 units to the market annually, but that market segment has been down by about 50% since the Great Recession.”
