Home sales were up in the Metropolitan Milwaukee market 12.1% in July. Figures indicate that 2,199 homes sold in July versus 1,962 the same month in 2014. Comparing the numbers to 2013, sales were up 11.2% (1,978 in ‘13).
July was the sixth month of positive sales and fifth month of double digit sales, both consecutive, this year.
The housing market is functioning very efficiently. Buyers are out in force and very active. Sellers are pricing their homes correctly, with many homes in “move in” condition receiving multiple offers. Overall, the market appears to be balanced, with neither the buyer nor the seller dictating pricing.
Tight inventory — the theme of the 2015 market — is holding back some buyers, causing them to delay their purchase a few weeks until a home is listed that is to their liking. This presents an opportunity for sellers who are thinking about getting into the market this summer and into the fall.
Buyers should let their agent know what amenities they want in a home early in the process. For example, an agent working for a buyer who wants to be 5 miles from work, or one who wants to be a block from a school, will tailor their search and networking to meet their client’s criteria. Buyers who spend a little time with their agent will be in position to place an offer on a home quickly.
Listings Increase
Each month in the first quarter saw double digit increases in listings, but since then only one month had an increase. June’s 3.1% increase, while welcome, was anemic compared to what the market was consuming.
Inventory
The seasonally adjusted inventory level for July was 7.4 months, down from June’s 7.7 month level. The seasonally adjusted level was 8.5 months in July 2014.
Subtracting the 1,985 listings with an active offer from current listings presents an effective inventory level of 4.8 months, down slightly from June’s 4.9 months. The same measurement showed 6.0 months in July 2014, another sign of the tight inventory 2015 is experiencing.
Where to go
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.