Home sales in the four county metro Milwaukee area were up 4.6 percent in October to 1,555, compared to 1,487 in October of 2014, according to the latest report from the Greater Milwaukee Association of Realtors.
October was the ninth consecutive month of housing sales growth for the metro Milwaukee area.
“The market is running smoothly, but not overheating,” said GMAR president Mike Ruzicka. “Buyers are active this fall, many homes in ‘move in’ condition are receiving multiple offers, inventory is very tight, and there is some upward price pressure. These conditions usually encourage buyers to test the waters, and, as prices creep upward, sellers to consider putting their house on the market.”
October was the fifth month this year that listing decreased in the metro area, dipping 2.7 percent to 2,048. The seasonally adjusted inventory level (the time it would take to sell all of the homes on the market at a given time) for October was 6.4 months, down from 6.7 months in September.
“We usually see a little slower market in the fall, but this year it’s not as slow as we traditionally see,” Ruzicka said. “Buyers need to be prepared to make a decision on placing an offer on a home quickly, due to a limited number of houses available in their market segment.”
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