Dwelling gross sales within the four-county metro Milwaukee space have been down 22.6% in February, year-over-year, with 877 properties bought in comparison with 1,133 in February of 2022, in response to the Better Milwaukee Affiliation of Realtors.
Dwelling gross sales within the larger southeastern space have been down 26% in February, year-over-year, in response to the GMAR report.
February residence gross sales by county, and alter from February of 2022:
- Waukesha, 223, -9.7%
- Washington, 63, -19.2%
- Milwaukee, 534, -26.8
- Ozaukee, 57, -26.9%
- Kenosha, 95, -28%
- Racine, 142, -32.1%
- Walworth, 60, -46.4%
Regardless of the decline in gross sales, common residence sale costs in February rose 1.9% within the Milwaukee space year-over-year. GMAR says that is as a result of there’s nonetheless a scarcity of provide in the marketplace in southeastern Wisconsin to fulfill demand. Nonetheless, the February common residence sale value enhance was a lot decrease than the 9.5% enhance in December and 6.6% enhance in January.
Listings of properties on the market declined in February, dipping 23.1% year-over-year within the four-county metro space and 21% within the seven-county southeastern Wisconsin area, in response to GMAR.
The market wants extra single-family residence condominium development so as to add wanted provide to the native housing market, GMAR says.
“The metropolitan (Milwaukee housing) market is contending with a years-long development of not creating sufficient new or current properties to fulfill patrons wants,” GMAR stated in its report. “The systemic drawback with the market is the dearth of latest development of single-family homes and condominiums, and over reliance on residences to fulfill demand. That bottleneck mixed with the demographic surge of Millennial and GenZ patrons and good rates of interest have all contributed to a traditionally tight market. The upcoming hazard for the area if it doesn’t create further provide within the type of extra single-family and condominium items, is that 1000’s of would-be householders can be compelled to proceed to hire, foregoing the chance to construct wealth by a house’s fairness and all the different advantages of homeownership. Somewhat they’ve been, and can proceed to, pay 1000’s of {dollars} a 12 months in hire with no capability to save lots of for a down cost – pushing off their alternative to realize the American Dream even additional.”
