Local Market Updates: Year-To-Date Progress Report (Thru August 2009)
According to Metro Multiple Listing Service that services Southeastern Wisconsin, the City of Milwaukee has seen a decrease in inventory, home values are still becoming more affordable, and buyer’s appear to be taking advantage of the current Buyer’s Market.
Here’s how the City of Milwaukee has performed up until August 31, 2009 in comparison to the same period in 2008.
New Listings:
Year-To-Date (YTD) - 2008: 6.820
YTD 2009: 5,810
Change: -14.8%
Closed Sales:
YTD 2008: 2,527
YTD 2009: 2,660
Change: +5.3%
Between the decrease in new listings and the increase in closed sales, we’re offering today’s buyers fewer options than this time last year.
Median Sales Price:
YTD 2008: $137,000
YTD 2009: $107,500
Change: -21.5%
During the past five months, a number of articles have been published which suggested that sales activity is on the rise due to falling interest rates and housing prices. Here’s another example of why closed sales have increased this year by 5.3%.
Percent of Original List Price Received at Sale:
YTD 2008: 91.4%
YTD 2009: 87.8%
Change: -4.0%
This statistic stresses the importance of ensuring that homes are priced competitively and accurately at the very beginning of entering the real estate market. This statistic also illustrates that buyers are still taking full advantage of the current Buyer’s Market by finding success in negotiating the asking price.
All data provided by Multiple Listing Service, Inc. Reports are created and maintained by 10K Research and Marketing.
Please call me at (414) 412-7980 or e-mail at dray@shorewest.com if you have any questions regarding the real estate market.
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Labels: Real Estate
According to Metro Multiple Listing Service that services Southeastern Wisconsin, the City of Milwaukee has seen a decrease in inventory, home values are still becoming more affordable, and buyer’s appear to be taking advantage of the current Buyer’s Market.
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