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September 2016
As anticipated at the outset of the year, demand has remained high through the
first three quarters of 2016, propping up sales and prices despite heavy
reductions in inventory and months of supply across the country. With rental
prices and employment opportunities in a consistent climb, year-over-year
increases in home buying are probable for the rest of the year but not
guaranteed.
New Listings in the Milwaukee region decreased 1.3 percent to 1,991. Pending
Sales were down 33.9 percent to 994. Inventory levels fell 9.5 percent to 6,584
units.
Prices continued to gain traction. The Median Sales Price increased 12.3
percent to $202,000. Days on Market was down 7.4 percent to 63 days. Sellers
were encouraged as Months Supply of Inventory was down 10.2 percent to 4.4
months.
In general, today's demand is driven by three factors: Millennials are reaching
prime home-buying age, growing families are looking for larger homes and
empty nesters are downsizing. However, intriguingly low interest rates often
prompt refinancing instead of listing, contributing to lower inventory. Recent
studies have also shown that short-term rentals are keeping a collection of
homes off the market.
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
.
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