Closed sales experienced an outstanding increase of 36.2 percent compared to this time last year, bringing that figure to 1,406. Also promising was that Percent of Original List Price at Sale was up 2.8 percent and Days on Market was down 7.0 percent from last year. This means that, on average, a seller can expect to receive 92.1 percent of their original list price after 104 days on the market. Buyers in Milwaukee were even more active in March than in February, with a whopping 20.5 percent year-over-year increase in closed sales to bring the figure to 1,074 for this month.
Buyers will still find a lot of inventory to choose from as Total Active Listings were up 7.3 percent to 11,671 properties. That total includes 2,862 New Listings, up just 0.7 percent versus last year. However, the high level of closed sales has reduced the Months Supply of Inventory by 3.6 percent to 10.2 months.
Pending Sales were actually down 8.7 percent for a total of 1,103 contracts written in April. This bucked a national trend of increased pendings in the lead-up to the end of the tax credit. And although the Median Sales Price was down 1.4 percent to $165,500, this helped push the Housing Affordability Index up by 1.9 percent year-over-year to 167.
You can follow this link: http://www.metromls.com/support/Market_Updates/index.html or visit www.metromls.com and select MLS Statistics under the MLS Admin menu. You will find other reports and statistics which may be of use to you in your business.
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