With this month's report, be mindful of the fact that activity was uniquely strong last year at this time due to the approaching deadline for the 2009 tax credit. This means that we're entering an apples-to-oranges comparison period which may make this year's activity look especially slow for the next few months. Combine that with the fact that this time of year typically endures slowed sales activity and that buyers in 2010 were driven to enter contracts by April 30, 2010, and you'll see that September 2010's numbers should be taken with a grain of proverbial salt.
Pending Sales in the Milwaukee region decreased by 51.6 percent from last September to arrive at 620. New Listings decreased by 16.6 percent since last September and the overall inventory of 12,129 increased by 2.4 percent. Median Sales Price increased by 1.7 percent compared to last September, registering in at $174,500. Average Days on Market, at 105, increased by 6.5 percent versus last year. Months Supply of Inventory increased by 1.2 percent to weigh in at 11.5 months.
For the sake of long-term market stability, be wary of an overabundance of listing activity. It's been slowing down in recent months, but if home sales continue to lag, inventory could continue to climb and prices may adjust downward. Balanced supply and demand near the 6-month mark for Months Supply of Inventory, as always, is the goal.
You can follow this link: http://www.metromls.com/support/Market_Updates/index.html or visit www.mlswis.com and select MLS Statistics under the MLS Site Navigation menu. You will find other reports and statistics which may be of use to you in your business.
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