In an interview with the Milwaukee Business Journal, Tammy Maddente, Executive Vice President and principal at First Weber Group, discusses how she’s seen the market’s boom in the 2000s, its bust and this year, its plodding recovery.
Currently, inventory of homes for sale is down, yet months of inventory are up because of a slower buyers market due to the recession. She states, “In a ‘normal market’, we should be in the single digits for months of inventory in the summer months. This year, June and August were just under 10 months (9.5 and 9.7 respectively) and July was 10.3 months.” A balanced market, where it is not leaning in favor of buyers or sellers, is typically 6 months so we have a way to go.
When asked if the real estate market is stronger than this time last year her response was “The market is definitely stronger, but not like it was in the early 2000s. The numbers for July and August were decent, but they looked spectacular because business in July and August of 2010 was very, very slow.”
Tammy goes on to say that first time buyers will continue to be an important demographic and that right now the main buyers are younger buyers and investors. “Of sales in August, 62.9% (830 units) were $199,999 or less in the four-county area. Those are first-time and investor price points, and 21% (277) of sales were in the $200,000 range; 7.9% (104) were in the $300,000 range; 3.7% (49) were in the $400,000 range; and 4.5% (59) of sales were $500,000 or more,” said Tammy.
To learn more about her comments on the metro Milwaukee real estate market, please read more from the Business Journal. Here are stats for the metro Milwaukee real estate market in August. And here are stats for the Wisconsin real estate market by region.
Thanks for reading the First Weber Wisconsin real estate & Wisconsin living blog for information on the Milwaukee real estate market. If you are one of those first time buyers or investors wanting to take advantage of the current home buying climate, please start your search at firstweber.com. You can also set up a free “My First Weber” account to get new listing emails and price updates to stay on top of the Milwaukee real estate market with the least amount of effort. To see what properties have sold for in the metro Milwaukee area, you can conduct a sold search at firstweber.com