Home Industries Real Estate Metro Milwaukee home sales up 11.2% in February

Metro Milwaukee home sales up 11.2% in February

Photo courtesy of Shutterstock.

Home sales in the four-county metro Milwaukee area were up 11.2% year-over-year to 975, according to the latest report from the Greater Milwaukee Association of Realtors. Home sales were up 8.9% year-over-year in February in the greater seven county southeastern Wisconsin region, according to the report. Here’s a breakdown of February home sales by county,

Already a subscriber? Log in

To continue reading this article ...

Subscribe to BizTimes today and get immediate access to our Insider-only content and much more.

Learn More and Subscribe Now
Andrew is the editor of BizTimes Milwaukee. He joined BizTimes in 2003, serving as managing editor and real estate reporter for 11 years. A University of Wisconsin-Madison graduate, he is a lifelong resident of the state. He lives in Muskego with his wife, Seng, their son, Zach, and their dog, Hokey. He is an avid sports fan and is a member of the Muskego Athletic Association board of directors.
Home sales in the four-county metro Milwaukee area were up 11.2% year-over-year to 975, according to the latest report from the Greater Milwaukee Association of Realtors. Home sales were up 8.9% year-over-year in February in the greater seven county southeastern Wisconsin region, according to the report. Here’s a breakdown of February home sales by county, and change from a year ago: The average home sale price in the metro Milwaukee area was $348,659 in February, up 7.9% compared to a year ago, according to the GMAR report. Listings of homes for sale in the four-county metro Milwaukee area in February were up 14.8% year-over-year. Listings in the area have risen, year-over-year, for seven months in a row. However, the market remains tight in favor of sellers. The inventory level (the amount of time it would take to sell all of the homes on the market at a given time) of homes for sale in the metro Milwaukee area in February was 2.2 months. Six months is considered a balanced market. The number of building permits pulled for new home construction in the four-county metro Milwaukee area was up 48% year-over-year to 145, according to the report. But GMAR continues to say that new home construction in the area is too low to meet demand. “However, to throw cold water on the numbers once again, new starts are nowhere near the number needed to reach 4,000+ new construction units this year,” the report states. “New construction is in an era of low production beginning way back when the Great Recession started. It does not appear that the market will achieve any kind of balance to benefit buyers in the near future. To reach a balanced market (commonly understood to be 6 months of inventory) the four-county area needed 5,110 additional units in February. The systemic problem with the market is the lack of new construction of single-family houses and condominiums, and over reliance on apartments to satisfy demand. That bottleneck combined with the demographic surge of Millennial and GenZ buyers and reasonable interest rates have all contributed to a historically tight market.”

Stay up-to-date with our free email newsletter

Keep up with the issues, companies and people that matter most to business in the Milwaukee metro area.

By subscribing you agree to our privacy policy.

No, thank you.
Exit mobile version