Local Market Update July 2019
The results are in and July was a big month in real estate for the Milwaukee Metropolitan area. According to Metro MLS, new listings in the Milwaukee region increased 2.9% to 2,410. Pending Sales were down 60.9 percent to 686 and inventory levels rose 21.8 percent to 4,847 units.
We saw a huge increase in inventory in New Berlin and Muskego, from 106 single family homes on the market in July of 2018 to 153 homes in July of this year. That's an increase of 44.3%! New Berlin and Muskego condos were no different with 10 on the market in July of last year and 24 this year, creating a 140% increase in inventory. With the increase in inventory came an increase in closed sales, which were up 20% over last year at this time. New Berlin and Muskego have seen an increase in the median sales price as well, which has risen to $309,250 from $283,500 in July of last year, an increase of 9.1%.
The city of Waukesha had a significant jump in the median home sale price which was $215,000 in July of last year and has risen to $249,900 in July of this year. The amount of new listings in Waukesha was down 2.6% from last year while overall inventory levels are up 41.7% for single family homes and 50% for condos. Closed sales in Waukesha were down 12.2% from July of last year. Days on the market decreased 11.5% from 26 days last July to 23 days this July. So if you're looking for a home in Waukesha right now, don't sleep.
Waukesha county experienced an increase in median home sale price of 4.9% up from $305,000 last year in July to $320,000 this July. Clearly the increase in the city of Waukesha helped influence the counties overall jump in median home value. Closed sales in Waukesha county were down .2% from last year. Unlike the city of Waukesha, the county saw an increase in days on the market up 17.2% over July of last year from 29 days to 34. While new listings were down .6% inventory levels were up around 26% for both condos and single family homes.
The city of Milwaukee remained more on pace with last year's trends than many surrounding areas. New listings were down 4.9% from 628 last year to 597 this year. The median home sale was up 2.1% from $145,000 in July of last year to $148,000 in July of this year. Days on the market decreased from 33 days to 26 showing us that the Milwaukee market is also moving quickly. Closed sales were up 2% over last year with 502 homes selling in July of this year and 492 last July.
Milwaukee county had an increase in median home sale price of 7.1% over July of last year from $170,000 to $182,000. While new listings are only up .9% over last July, there are 15.9% more single family homes available than last year and 1.9% more condos. Days on the market has decreased from 28 to 23. Closed sales are right on pace with last year, down only .1% from 1051 last year to 1050 this year.
Both Ozaukee and Washington counties experienced an increase in closed sales over last year of 21.5% and 10.1% respectively. The median home sale price in Ozaukee county was completely level while Washington county experienced a slight decrease of .6% from $265,00 last year to $263,500 this year.
Overall, most of Southeastern Wisconsin is still in the midst of a strong seller's market. Homes are selling quickly, forcing buyers to be more dedicated to their home search and make quick decisions.
If you're interested in what's going on in YOUR market, please reach out for a personal summary. We're always available for questions or consultations. You can reach us via email at firstname.lastname@example.org or give us a call at (262)696-9884.