Sales in the Metropolitan Milwaukee real estate market decreased 11.2% through the first 10-months of 2010, compared to the same period in 2009, according to housing statistics released by Metro MLS, Inc.
There were 10,769 sales through October 2010 compared to 12,121 a year ago.
The monthly year-to-year decrease of 42.6% can be misleading because October 2010 is being compared to the same time in 2009, when buyers were scrambling to take advantage of the federal tax credit; which was to have expired on November 30, 2009.
* Milwaukee County has seen a 14.5% decrease for the year (6,224 in 2010 vs. 7,277 in 2009).
* Waukesha County is down 6% in 2010 (2,917 sales compared to 3,103 in 2009).
* Washington County sales are down 14.6% (916 in 2010 vs. 1,072 in 2009).
* Ozaukee County actually saw sales increase 4.1% (703 in 2010 compared to 675 in 2009)
While much of the focus has been on the sales side of the market, new listings have also scaled back to levels we last saw in the early 2000s. However, inventory is still at a high level with 15.1 months of supply.
For the rest of the year, as long as the economy continues to stabilize, the market conditions that are present in Southeastern Wisconsin (consisting of extremely favorable interest rates, low house prices, and plenty of inventory) offer an historically unprecedented opportunity for buyers.
(Information courtesy of the Greater Milwaukee Association of REALTORS)
In these confusing times, you need professional real estate assistance more than ever. See this related post "6 reasons why you need a real estate professional in today’s Wisconsin real estate market", search for a First Weber Group office or agent in your area and check out some of First Weber’s trusted mortgage lenders.
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