I see the Milwaukee Metro Market still sluggish. Interest rates are still low, but it is still difficult for Buyers to qualify to purchase a home. Prices seem slightly higher, but Closed Sales are still below last year. Days on the market has not changed since 2014. Inventory is low, and does not provide much selection in some markets for some of the qualified Buyers. Spring has Sprung, and the housing market should be starting to move. Let’s hope the Economy in this market continues to improve!
Monthly Indicators
A RESEARCH TOOL PROVIDED BY METRO MLS
FOR ACTIVITY IN THE 4-COUNTY MILWAUKEE METROPOLITAN AREA
There has been talk of abundant cold and snow this winter (unless you happen
to live in California!). When weather patterns turn bad, like wicked bad, real
estate industry pundits tend to go gloom, assuming that Americans hungry for
homeownership are bothered by a little frozen precipitation. The nation will
unfreeze, inventory is expected to rise and home sales are widely expected to
increase. These are good times, indeed, and many of us now have an
enchanting shared experience that we can walk uphill to school both ways.
New Listings in the Milwaukee region increased 10.2 percent to 1,942. Pending
Sales were down 33.9 percent to 685. Inventory levels rose 3.7 percent to 6,725
units.
Prices continued to gain traction. The Median Sales Price increased 12.3
percent to $169,000. Days on Market was up 0.6 percent to 97 days. Buyers felt
empowered as Months Supply of Inventory was up 5.7 percent to 5.1 months.
In national financial news, rumors that Fannie Mae and Freddie Mac could one
day be a thing of the past have people wondering about the future of the 30-
year fixed-rate mortgage. But let’s not sound the alarm just yet. A drastic
change to lending’s gold standard is certainly not on the immediate horizon.
Meanwhile, Federal Reserve Chair Janet Yellen seems to have no immediate
interest in raising interest rates for the first time since 2006. The economy
remains stable, which should keep housing rolling through the short-named
months.