Metro MLS shows that new listings in the Milwaukee region increased 10.3% in May, a welcome relief after the shortage of listings slowed the buying process for the first months of 2013. Inventory levels, however, are still 12.4% lower than May 2012. The market is still very competitive, where in some markets, buyers are writing offers directly after a showing. Inventory levels dropped the least year-over-year down 6.1% in the $350,000 and above market. The highest gap can be found in the $100,000 and below market, with a drop of 23% from May 2012 to May 2013. WRA noted that new listings for sale increased 16.4% in May throughout the state compared to May 2012.
Despite the competitive market, closed sales and median prices rose both in metro-Milwaukee and throughout the state. According to the WRA, May home sales increased 18.2% over last May, which is now the 23rd straight month of positive sales growth in the state. In metro-Milwaukee, sales were up 13.2% during the same time frame. Renny Diedrich, chairman of the WRA board of directors says, “These are very positive signals and represent an uptick from the pace of sales established in the first four months of the year. There’s no doubt consumer demand has been strong over the last couple of years, but now we’re also seeing sellers jump back in the market as well.”
Metro-Milwaukee and Wisconsin also saw median sales prices increase during May 2013 compared to May 2012. In metro-Milwaukee, median sales prices jumped 7.4% to $175,000. Statewide, median prices grew 4.3% to a median of $144,000.
Joe Horning, President of Shorewest, REALTORS®, commented, “At Shorewest, we’re excited about the growth we continue to see in the housing market. Our offices are setting all-time sales records, and our agents are very busy helping families achieve their home buying and selling dreams.” From January-May of 2013, Shorewest closed business on 17% more homes compared with the same time period in 2012. “We look forward to the continued success of our offices and agents throughout the summer buying season,” said Horning.
A Shorewest agent is an essential resource to finding the home that is right for you. If you’re looking to buy or sell, don’t hesitate to contact a Shorewest agent today.