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Home sales in the Metropolitan Milwaukee market were up again in February. Similar to last month, however, sales in February 2023 were extremely low. This February only saw 98 additional unit sales, which were certainly welcome but well below the 1,000+ sales the market saw in recent years.
So, while the market is going in the right direction, any jubilation about it has to be tempered.
On the listings side there was some particularly good news. New listings were up 14.8%, marking a 7-month streak. That is the longest run of increasing listings in a decade.
But, placing those additional listings in context – while the trend is positive – the market is hundreds of listings behind where it needs to be to satisfy buyer demand.
Sales would be much higher if there were more homes available.
Inventory was 2.2 months in February (6 months is a balanced market), and if we take listings with an offer out, the rate fell to 1.0 months. That’s an indication of a very tight market in favor of sellers.
As a result prices rose 7.9% in February, going from an average price of $323,084 to $348,659.
To read the full report and graphics, click here.
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