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November 12, 2012
October Market Reports

Milwaukee

It's been a giant year for the housing market and for sports teams named Giants. As we round out the remaining two months of the year, let's recap. Most markets shed listings, resulting from strong sales and sluggish seller activity. There has been a general easing of foreclosures and short sales, meaning distressed listings are dragging prices down less than in recent years. So it's both about market fundamentals and market composition.

New Listings in the Milwaukee region increased 2.9 percent to 1,692. Pending Sales were up 0.3 percent to 905. Inventory levels shrank 18.8 percent to 8,460 units.

Prices moved higher. The Median Sales Price increased 6.5 percent to $165,000. Days on Market was down 8.0 percent to 100 days. Absorption rates improved as Months Supply of Inventory was down 35.3 percent to 7.0 months.

The economy is growing but at a glacial pace, and economic growth in 2013 is expected to outpace 2012. Mortgage rates are expected to remain near historic lows through 2015, rents are expected to rise due to low vacancy, and financial situations in Europe, China and elsewhere, believe it or not, have an effect on your local housing market.

All data for the market reports comes from the Multiple Listing Service, Inc. and is powered by 10K Research and Marketing. You can follow this link: http://www.metromls.com/support/Market_Updates/index.html or visit www.metromls.com.

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