Wednesday, September 02, 2009

Downtown Milwaukee Condo Market Update: September 1, 2008 - September 1, 2009

Each month, around the first of the month, I review raw data from Metro Multiple Listing Service (MLS) that serves southeastern Wisconsin. I analyze data that covers a 12-month period that ends at the first of the current month which enables me to see how housing prices change from month-to-month.

My monthly analysis focuses on only those condos that have sold during the past 12 months. The price that a condo sells for is considered the fair market value for that condo.

My monthly analysis specifically addresses the Sale-Price-Per-Square-Foot. By reviewing the price-per-square-foot, I am able to compare condos without factoring age, condition, upgrades, and other extraneous variables that impact the price of a condo versus another. By computing the average-sale-price-per-square-foot for a particular downtown neighborhood allows me to determine which neighborhoods offer the most affordable lifestyle as well as highlight housing prices from month-to-month.


Downtown & Surrounding Neighborhoods

My analysis reviews data that covers condominiums located in Bay View, Brewers Hill/Beerline, East Town, Halyard Park, Lower East Side, Riverwest, Third Ward, Upper East Side, Walker’s Point/Fifth Ward, and Westown.


Average-Sale-Price-Per-Square-Foot: September 1, 2008 - September 1, 2009 (Neighborhoods ranked from highest to lowest):

1) Third Ward: $239.97 - Up $0.32 from 12-mo. period ending August 1, 2009
2) Walkers Point/Fifth Ward: $220.86 - Up $1.80 from 12-mo. period ending August 1, 2009
3) East Town: $217.34 - Down $10.18 from 12-mo. period ending August 1, 2009
4) Lower East Side: $206.01 - Down $2.94 from 12-mo. period ending August 1, 2009
5) Brewers Hill/Beerline: $192.17 - Down $3.90 from 12-mo. period ending August 1, 2009
6) All Neighborhoods: $178.24 - Down $4.72 from 12-mo. period ending August 1, 2009
7) Westown: $165.62 - Unchanged from 12-mo. period ending August 1, 2009
8) Upper East Side: $155.29 - Down $16.32 from 12-mo. period ending August 1, 2009
9) Bay View: $139.78 - Up $3.85 from 12-mo. period ending August 1, 2009
10) Halyard Park: $139.62 - Unchanged from 12-mo. period ending August 1, 2009
11) Riverwest: $105.75 - Down $19.79 from 12-mo. period ending August 1, 2009


Average-Sale-Price-Per-Square-Foot: Year-To-Date-Change During 2009 ((Neighborhoods ranked from greatest, positive change to greatest, negative change):

1) Brewers Hill/Beerline: Up $22.87 since January 1, 2009
2) Westown: Down $2.69 since January 1, 2009
3) Halyard Park: Down $3.59 since January 1, 2009
4) Lower East Side: Down $8.67 since January 1, 2009
5) Third Ward: Down $9.71 since January 1, 2009
6) All Neighborhoods: Down $10.50 since January 1, 2009
7) Bay View: Down $15.70 since January 1, 2009
8) Riverwest: Down $15.89 since January 1, 2009
9) Upper East Side: Down $17.66 since January 1, 2009
10) Walker’s Point: Down $18.17 since January 1, 2009
11) East Town: Down $35.77 since January 1, 2009


Please call me at 414.412.7980 or e-mail at dray@shorewest.com if you have any questions regarding the Downtown Milwaukee condo market.

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posted by David Ray @ 4:30 PM

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