The Business Journal of Milwaukee: Report finds home prices up only in Milwaukee
Congratulations Milwaukee! You deserve a standing ovation! The Business Journal of Milwaukee recently cited a report which stated that our great city was the only market (out of 25 major markets) where home prices rose from year-ago levels.Radar Logic, a national real estate data firm, issued this finding in last month's report. They measure housing prices on a per-square-foot basis which does a better job of comparing apples-to-apples across vastly different real estate markets. During the 12-month period ending March 2008, the sales prices in the Milwaukee area rose 2.8% to $115.24 per square foot.
The writer for this article (un-named) picked three other markets (Charlotte, New York City, and Sacramento) to show how other parts of the country have performed during this challenging real estate market.
My Thoughts
The Multiple Listing Service (MLS) that handles Southeastern Wisconsin (Metro MLS) reported that the number of listings is down, the number of units sold is up, and the number of frustrated sellers who agreed to remove their homes from the market is also up.
What does this mean to you? It is great news for interested sellers and okay news for interested buyers. These findings indicate that our inventory levels are drying up as evidenced by the number of buyers who are now entering the market at a faster pace than sellers. This means that more buyers will soon be competing for the same properties, which will have a positive effect on overall property values.
Every Tuesday, my colleagues meet to discuss what we're witnessing in this real estate market. There is some concern that the market needs more listings to keep up with demand. If you are considering selling your home, this might not be a bad time to test the market. If you are considering buying real estate, this might not be a bad time to enter the market. You can still find some good deals - but, don't wait too long or you might be paying more down the road for the same property.
Please call me at (414) 412-7980 or e-mail at dray@shorewest.com if you are in need of real estate services.
Click here to read how well the real estate market is performing here in Milwaukee versus other major markets throughout the country>>>
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Labels: Real Estate
posted by David Ray @ 4:33 PM
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