May Home Sales Up 10.8%, Milwaukee Real Estate, Kristin Johnston

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Real Estate Agent with RE/MAX Realty Center
Greater Milwaukee Association of REALTORs
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May Home Sales Up 10.8%

 

 

June 11, 2015 - Home sales were up in the Metropolitan Milwaukee market 10.8% for May.  1,880 homes sold in May compared to 1,697 the same month in 2014.  Comparing the numbers to 2013, sales were up 2.3% (1,838 in '13).

 

May was the fourth month of positive sales this year.  Overall, the market is functioning very well, with one exception.  Buyers are very active and some homes in "move in" condition are receiving multiple offers.  However, inventory is still tight.

 

Once again, all four metropolitan counties were in positive sales territory, with Washington and Waukesha Counties leading the way with 34.2% and 19.1%, respectively.

 

 

County May Sales 2014 May Sales 2015 % Change
Milwaukee 928 963 3.8%
Waukesha 486 579 19.1%
Washington 158 212 34.2%
Ozaukee  125 126 0.8%
4 County Area 1,697 1,880 10.8%

 

 

In many instances buyers need to make a decision on placing an offer on a home fairly fast, due to a limited number of houses available in their market segment.  This makes the research phase of home buying all the more important.  Buyers should let their agent know what amenities they want in a home early in the process.  For example, a buyer who wants to be 5 miles from work, or one who wants to be a block from a school, will impact their search areas.

 

Listings Increase

May was the 4th month of the year that saw listings increase, although it was basically flat from the year before.  The two counties leading the way in sales, were also the two that had decreased listings in May.

 
County May Listings 2014 May Listings 2015 % Change
Milwaukee 1,602 1,631 1.8%
Waukesha 902 900 -0.2%
Washington 294 289 -1.7%
Ozaukee 217 223 2.8%
4 County Area 3,015 3,043 0.9%

 

 

Inventory

The seasonally adjusted inventory level for May was 7.6 months, just up from April's 7.3 month level.  The seasonally adjusted level was 8.1 months in May 2014.

 

 

 

Subtracting the 2,599 listings with an active offer from current listings presents an effective inventory level of 4.9 months, a hair higher than April's 4.7 month level.  Another sign of tight inventory is that the same calculation showed May 2014 at 5.6 months.

 

According to the law of supply and demand, we should see price increases, because, a 0.9% increase in listings is not enough to satisfy market demand.

 

Market Challenges

Brokers are still reporting that some deals are falling through because of overly cautious appraisals.  Some appraisers are using market data that is too old and does not reflect current market conditions, resulting in appraisals that do not reflect market conditions.  This is a lasting result of the credit crisis and recession, which forced lenders and appraisers to be defensive in their estimates; however, that market is no longer present in 2015.

 

Where to go

Buyers should seek the counsel of a REALTOR® in determining their best housing options, and sellers need a REALTORS® expert advice in making correct marketing decisions with their home.

 

The Greater Milwaukee Association of REALTORS® is a 4,000-member strong professional organization dedicated to providing information, services and products to "help REALTORS® help their clients" buy and sell real estate.  Data for this report was collected by Metro MLS, Inc. a wholly-owned subsidiary of the GMAR.

 

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Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thx Roy

Jun 12, 2015 01:05 AM #2
Rainmaker
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Roger D. Mucci
Shaken...with a Twist 216.633.2092 - Euclid, OH
Lets shake things up at your home today!

Great information that any buyer or seller would need from a professional like yourself Kristin.

Jun 12, 2015 01:14 AM #3
Rainmaker
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Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thank you Roger!

Jun 12, 2015 01:16 AM #4
Rainmaker
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Valerie McEvoy
RE/MAX Preferred Properties - Oklahoma City, OK
Oklahoma Real Estate and Homes

Great info...love your post structure and presentation!

Jun 12, 2015 02:07 AM #5
Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Valerie!

Jun 12, 2015 03:23 AM #6
Rainmaker
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Alan Kirkpatrick
Austin Texas Homes - Round Rock, TX
Alan in Austin

Kristin Johnston, Waukesha Realtor 414-254-6647 

Nice post and good information that is nice growth in the market. 

Jun 12, 2015 11:30 AM #7
Rainmaker
3,246,897
Lou Ludwig
Ludwig & Associates - Boca Raton, FL
Designations Earned CRB, CRS, CIPS, GRI, SRES, TRC

Kristin

I like the change to the format of your blog . . . . very professional and easy to read.

Good luck and success.

Lou Ludwig

Jun 12, 2015 12:10 PM #8
Rainmaker
1,523,577
Sybil Campbell
Long and Foster REALTORS® 5234 Monticello Ave Williamsburg, Virginia - Williamsburg, VA
REALTOR® ABR, SFR, SRES Williamsburg, Virginia

Kristin Johnston, Waukesha Realtor 414-254-6647, it looks like your market has improved a great deal over the last year.

Jun 12, 2015 12:50 PM #9
Rainmaker
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Gita Bantwal
RE/MAX Centre Realtors - Warwick, PA
REALTOR,ABR,CRS,SRES,GRI - Bucks County & Philadel

Kristin, Home bueyrs and sellers in the area will appreciate the report.

Jun 12, 2015 09:46 PM #10
Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Gita and sybil

Jun 12, 2015 11:47 PM #11
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Katerina Gasset
Get It Done For Me Virtual Services - Wellington, FL
Get It Done For Me Virtual Services

Hi Kristin, great to know that the Milwaukee real estate market is functioning very well. Keep it up!

Jun 13, 2015 11:32 AM #12
Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Nestor and Katerina

Jun 13, 2015 11:48 AM #13
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Debbie Reynolds
Platinum Properties - Clarksville, TN
Your Dedicated Clarksville TN Real Estate Agent

What a substantial increase in the market in just one year. I would say you have been extremely busy this year, Kristin. 

Jun 13, 2015 04:36 PM #14
Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Have a great day Debbie!

Jun 13, 2015 11:50 PM #15
Rainmaker
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Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Kristin, great news and hope the increased sales continue through the summer! 

Jun 14, 2015 02:25 AM #16
Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Joan!

Jun 14, 2015 04:56 AM #17
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Bob Crane
Woodland Management Service / Woodland Real Estate, Keller Williams Fox Cities - Stevens Point, WI
Forestland Experts! 715-204-9671

great news Kristin, I'm sure you had a part in that boost in home sales.

Jun 19, 2015 09:23 AM #18
Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks Bob!

Jun 19, 2015 09:40 AM #19
Rainmaker
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Tom Braatz Waukesha County Real Estate 262-377-1459
Coldwell Banker - Oconomowoc, WI
Waukesha County Realtor Real Estate agent. SOLD!

Kristin Johnson

Isn't it great seeing the market taking off so well?. Hope it last for a long time

Jun 19, 2015 02:45 PM #20
Rainmaker
3,078,958
Kristin Johnston - REALTOR®
RE/MAX Realty Center - Waukesha, WI
Giving Back With Each Home Sold!

Thanks for all the comments Tom!

Jun 20, 2015 12:36 AM #21
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