Milwaukee

Market activity may appear to be low in year-over-year comparisons due to the 2010 tax credit. We knew this was coming. Several other themes warrant attention before we dig into the numbers. First, we've had several months in a row of private job growth. Second, interest rates, in concert with food and energy costs, are rising. Third, the anticipation of rising rates often motivates buyers. A recovery looms. Now, let's take a look at those numbers.

New Listings in the Milwaukee region decreased 33.9 percent from last February to 1,699 new homes. Meanwhile, Pending Sales decreased 41.8 percent to arrive at 558 contracts written. This meant inventory levels decreased 6.2 percent from last year to reach 10,139 active listings.

Prices slid a bit – the February Median Sales Price of $151,250 decreased 8.3 percent. Negotiations moved toward buyers as Percent of Original List Price Received at Sale decreased 3.8 percent to 87.5 percent. The absorption rate increased 9.3 percent as Months Supply of Inventory checked in at 10.6 months.

The national average interest rate was 5.23 percent on a 30-year fixed. The U.S. government would like to play second fiddle to the private sector in the mortgage market. Shifting the risk burden makes fiscal sense but could threaten an already fragile recovery. The Center for Responsible Lending states that it would take 14 years for the typical American family to save enough money for a 20 percent downpayment, based on national average home prices.

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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