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November 2017
The facts of residential real estate have remained consistent in 2017. In
year - over- year comparisons, the number of homes for sale has been fewer
in most locales, and homes have been selling in fewer days for higher prices.
This hasn't always been true, but it has been a common enough storyline to
make it an overarching trend for the year.
New Listings in the Milwaukee region decreased 6.9 percent to 1,155. Pending
Sales were down 53.6 percent to 604. Inventory levels fell 8.8 percent to 4,613
units.
Prices continued to gain traction. The Median Sales Price increased 8.1 percent
to $200,000. Days on Market was down 26.2 percent to 48 days. Sellers were
encouraged as Months Supply of Inventory was down 6.3 percent to 3.0
months.
New tax legislation could have ramifications on housing. The White House
believes that the tax reform bill will have a small impact on home prices,
lowering them by less than 4 percent, and could conceivably boost
homeownership. The National Association of REALTORS® has stated that
eliminating the mortgage interest deduction could hurt housing, as the doubled
standard deduction would reduce the desire to take out a mortgage and itemize
the interest associated with it, thus reducing demand. This is a developing
story.
All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link:
Metro MLS Market Updates
or visit
www.metromls.com
.
The views and opinions expressed in this article are those of the authors and should reflect only on trends that affect the economics of real estate.
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