Milwaukee Market Update August 2013

Milwaukee Market Update August 2013

Hey, everyone!

We’ve had a lot going on in our market lately. Throughout the summer you may have seen different articles in the Milwaukee Journal talking about activity in the real estate market.

In June an article titled, “Is the Buyer’s Market Ending?” was published. To answer that question, it is ending. At the time the article came out, sales were up 15 percent.

Another article came out in July talking about the increase of sale prices. Prices were up 12.3 percent from July of last year.

Then, in August, sales were up 18.7 percent and prices were up 9 percent. What does this mean?

We are seeing a shift from a buyer’s market to a seller’s market. Why is this? In 2011 we had a total inventory of around 11,380, that’s about a 10-month supply of homes. Now, though, inventory is at 8,840 with only about a 5-month supply. That’s half!

Because there are fewer homes available, it drives prices up. This is the perfect time to sell your home. The average days-on-market is only 69!

This is still a great time for buyers, though, too! Interest rates are historically low and while buyers won’t be able to negotiate as much with sellers, they can still get a fantastic price.

If you have any real estate questions or know someone who is ready to buy or sell, give me a call!