Metro Milwaukee real estate slows down as winter hits. The inventory of homes for sale is down to 6.8 months as compared to 7.5 months in October and a whopping 10.3 months compared to last November. The low inventory level presents an opportunity for sellers to jump into a market where buyers are hungry for new listings.
Here’s a look at sales by County in the Milwaukee area (source Metro MLS)
Milwaukee County home sales
November 2013: 630 vs November 2012: 634. A .6% decrease.
Waukesha County home sales
November 2013: 301 vs November 2012: 358. A 15.9% decrease.
Ozaukee County home sales
November 2013: 70 vs November 2012: 93. A 24 % decrease.
Washington County home sales
November 2013: 105 vs November 2012: 114. A 7.9% decrease.
Racine County home sales
November 2013: 175 vs November 2012: 170. A 2.9% increase.
Quoting the Greater Milwaukee Association of Realtors: “ The market is proving to be very ‘balanced,’ in contrast to the wild swings we saw over the last decade. Sellers should not assume they will get whatever they ask for, and buyers should know the days of deep discounts are gone; a REALTORS® guidance will help both parties purchase or sell a property for a fair price.”
Balanced is good! Interest rates remain good, but they are predicted to continue to rise.
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