REALTORS: April Home Sales Down 9.9% Home sales for April were down 9.9% from a year earlier in the 4-county Metropolitan Milwaukee real estate market. 1,420 homes sold in April compared to 1,576 a year earlier. For the fourth straight month the market saw a decrease in year-over-year sales, to the tune of 156 units in April. April Sales County 2013 Sales 2014 Sales % Change Milwaukee 869 809 -6.9% Waukesha 434 388 -10.6% Washington 165 139 -15.8% Ozaukee 108 84 -22.2% 4 County Area 1,576 1,420 -10.1% Sales in April were among buyers who performed a bulk of the purchase tasks in the previous two months. Some of those tasks involved touring houses, making a decision on a particular home, submitting an offer to a buyer, negotiating and agreeing upon a price, and, finally, setting a sale date in April. So, the bitter winter weather could have had a suppressing effect on prospective sales. Despite a slower market, area brokers do not seem to be too concerned about a long-term trend. In fact, they’re very bullish on the market, with agents busy helping prospective buyers and many reports of multiple offers on properties, 2014 looks like a solid year. Similarly, national media reports seem to shrug off reports of a slowdown in real estate. A USA Today poll of top economists found that they do not expect the housing rebound (which started in 2011) to stop, but 2014 to see gradual growth. Listings placed on the market increased by 8% in April. The inventory level for April was 7.5-months, slightly above March’s 6.7-month level. If the 2,046 listings with an active offer are subtracted from current listings of 9,546, the inventory level drops to 5.2-months; an improvement from the 4.8-months we saw in March. April Listings County 2013 Listings 2014 Listings % Change Milwaukee 1,531 1,716 12.1% Waukesha 797 843 5.8% Washington 315 301 -4.4% Ozaukee 184 192 4.3% 4 County Area 2,827 3,052 8.0% Market conditions were generally good in April. Interest rates, home prices, availability of listings, and active buyers were all favorable. However, there are a few factors providing drag on a more robust market, such as high student debt, lack of new construction, and tight availability of mortgages. 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.
Posted on: Mon, 12 May 2014 20:14:01 +0000
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