The housing market in Southeast Wisconsin is hot right now, following a national trend of more buyers than inventory, according to the Greater Milwaukee Association of Realtors (GMAR).
“I would describe it as overheated right now,” said Shorewest Realty Broker Mike Kollmansberger. “We’re seeing sales increasing year over year but the number of listings remain flat.”
The Association of Realtors says inventory for Milwaukee, Waukesha, Ozaukee, and Washington Counties is down 1.9 percent from last year, which was already a tight market.
Experts say that the lack of inventory is directly related to lower sales numbers. Since September of 2014, monthly sales trended downward only five times. April 2017 was one of those months with sales of 4.1 percent.
As far as prices go, recent quarterly data released by the GMAR shows that we are not far off the 2006 housing market high of 4.2 percent.
For example the average home price in Waukesha peaked in 2006 at $306,344. Currently it is 4.6 percent behind that number, but well ahead of the low point in 2012 at $248,813.
Milwaukee is a bit farther from the high mark. GMAR says Milwaukee County is 13 percent from its pre-recession high of $185,388. Gaining as much as 43 percent since the low in 2012. Experts say it has the farthest to go because it is the largest market and has the most diverse housing stock.
“Don’t be discouraged,” Kollmansberger said. “I tell my clients don’t feel bad if you miss the first one because that might happen a few times.”
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