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March 2015
All expectations in 2015 are for a healthy and energetic selling season. National
stories have been highlighting an increase in new construction sales and
pending sales, but national stories are not always readily applied to the local
scene. All the same, if ever there was a year to list or purchase a home, wider
economic factors seem to indicate that this is the one.
New Listings in the Milwaukee region increased 8.4 percent to 2,621. Pending
Sales were down 16.7 percent to 1,101. Inventory levels rose 3.5 percent to
7,233 units.
Prices continued to gain traction. The Median Sales Price increased 7.2 percent
to $175,000. Days on Market was down 3.9 percent to 94 days. Buyers felt
empowered as Months Supply of Inventory was up 2.7 percent to 5.4 months.
On average, more people are employed and making more money than they
were at this time last year. The jobs picture, as a whole, looks promising.
Employment drives home-buying activity, so it is ever critical to watch labor
statistics as a key indicator for the residential real estate market. Coupled with
the mostly positive jobs picture, it is widely expected that mortgage rates will
remain as they are for at least the first two quarters of the year All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: Metro MLS Market Updates or visit www.metromls.com.
Any questions, please call the Help Desk at 414.778.5450. Or e-mail support@metromls.com. You may also follow our updates at http://twitter.com/metromls.
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