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Sonya Mays' Blog

By Sonya Mays, MBA | Broker in Milwaukee, WI

Market Snapshot for March 2013: Sales Looking Up in Metro Milwaukee


By: Sonya Mays

On 4/12/13, the Greater Milwaukee Association of Realtors (GMAR) released its statistics for the month of March 2013. The report covers a 4-county metro area, including the counties of Milwaukee, Waukesha, Washington and Ozaukee. 

Home sales were up 11.3% in March, compared to the same time last year. The first quarter of 2013 saw a 14.1% increase in home sales compared to the same time last year. The total number of homes sold in March was 1,420, compared to 1,276 home sales in March of 2012.

It is no secret that inventory has decreased.  New listings in March were down 12.7% and decreased by 15% for the first quarter.  The metro area has 7.52 months of inventory, compared to the same time last year when inventory levels were at 12.5 months.

As far as prices, numbers are looking up. Prices in the City of Milwaukee rose by 8.7% in the first quarter. The City of Waukesha saw a 6.3 % price increase in the first quarter. Ozaukee County experienced a 9.2% increase in sales price, while Washington County saw a drop of 3.0% in sales prices for the first quarter.

All numbers seem to indicate a shift towards a stronger housing market. Though it will take some time to fully realize economic recovery and housing stabilization, it appears as though we're headed in the right direction. 

For the full report, click  here: 

Source: www.gmar.com

Comments

By Akil Walker,  Sat Apr 13 2013, 08:45
Hi Sonya,

It appears the market is warming up just in time for Spring.

thanks for the post.
By Sonya Mays, MBA,  Sat Apr 13 2013, 09:22
Hi Akil, we are looking forward to the Spring/Summer real estate market, it's going to be very exciting!

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