While the stock market recovered significantly in March, the effects of COVID-
19 to the economy continue to build. In just the last four weeks, more than 20
million people filed initial unemployment claims according to the United States
Department of Labor, fueled by stay at home orders and a slowdown of
economic activity across the country. Added to the unemployment claims from
March, more than 30 million people have become unemployed since COVID-19
has become widespread in the U.S. In the face of these challenging times, real
estate activity in April slowed significantly.
New Listings in the Milwaukee region decreased 36.0 percent to 1,565. Pending
Sales were down 76.1 percent to 490. Inventory levels rose 16.9 percent to
3,605 units.
Prices continued to gain traction. The Median Sales Price increased 7.5 percent
to $250,400. Days on Market was down 7.7 percent to 36 days. Buyers felt
empowered as Months Supply of Inventory was up 25.0 percent to 2.5 months.
