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February 2016
The primary story, both nationally and in local submarkets, is a dwindling
months' supply of inventory. The cure, of course, is more inventory. But new
construction has been lagging during this opportune moment, and sellers of
existing homes are not yet hitting the market in droves. The heart of the selling
season has yet to begin, so we're still optimistically watching for an increase in
activity in the coming months.
New Listings in the Milwaukee region decreased 8.6 percent to 1,801. Pending
Sales were down 29.7 percent to 825. Inventory levels fell 8.8 percent to 5,810
units.
Prices continued to gain traction. The Median Sales Price increased 6.4 percent
to $176,050. Days on Market was up 1.0 percent to 97 days. Sellers were
encouraged as Months Supply of Inventory was down 13.0 percent to 4.0
months.
National housing starts were up by 10.8 percent at the end of 2015 when
compared to 2014, and the unemployment rate is holding low and steady at or
near 4.9 percent. Meanwhile, mortgage rates continue to astound below 4.0
percent and we have witnessed an unprecedented 70 consecutive months of
private-sector job growth. As consumers navigate their options, competition for
the best available properties should be profound, especially if the market
remains hobbled by a lack of supply.
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.
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