June 2016
Halfway through 2016, residential real estate markets are performing as
predicted at the beginning of the year. Sales and prices have been going up in most areas, while the number of homes for sale and total months' supply of inventory have been going down. Meanwhile, many sellers have been getting a higher percentage of their asking price, and supply continues to struggle to meet demand. The message may be repetitive, but it is largely positive. New Listings in the Milwaukee region increased 1.6% to 2,724. Pending Sales were down 35.5% to 1,329. Inventory levels fell 8.9% to 6,999 units. Prices were fairly stable. The Median Sales Price decreased 0.7% to $206,000. Days on Market was down 16.9% to 59 days. Sellers were encouraged as Months Supply of Inventory was down 9.4% to 4.8 months. The national unemployment rate recently dropped 0.3% to 4.7%, but some states felt more of a pinch in their own figures. Similarly, the low inventory situation is showing signs of strain in markets where there are few homes for purchase. With an interest rate increase still in the cards this year, combined with the American political landscape and global economic events, a cooldown could occur by winter. Presently, however, summery growth prevails as many locales are reaching near-record prices not seen in more than a decade. 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.
Please contact your respective MLS with any questions. You may also follow our updates at http://twitter.com/metromls.
Metro MLS members can call the Help Desk at 414-778-5450 or email support@metromls.com.
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Home > Blogs > Kristin Johnston - REALTOR® > Kristin Johnston, Waukesha County Realtor, Waukesha County Real Estate, Waukesha Homes For Sale, 414-254-6647
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