Downtown Milwaukee Condo Market Update: October 1, 2008 - October 1, 2009
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 sale price or fair market value provides the best information for determining market changes.
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 examine changes in housing prices from month-to-month.
Downtown & Surrounding Neighborhoods
My analysis includes condominium units located in Bay View, Brewers Hill (including Beerline), East Town, Halyard Park, Lower East Side, Riverwest, Third Ward, Upper East Side, Walker’s Point (including Fifth Ward), and Westown.
My Observations
We have noticed a slight increase in closed transactions during the past few months. Despite this positive trend, we’re still experiencing declining values. In comparison to September 2009 figures, of the 10 neighborhoods I analyze each month, half of them experienced further declining values in October 2009. Brewers Hill (including Beerline) and Riverwest experienced the sharpest price drop ($14.83 and $10.48, respectively). Halyard Park and Walker’s Point (including the Fifth Ward) experienced modest increases in value ($7.96 and $4.85, respectively).
Average-Sale-Price-Per-Square-Foot: October 1, 2008 - October 1, 2009 (Neighborhoods ranked from highest to lowest):
1) Third Ward: $236.51 - Down $3.47 from 12-month period ending 9/1/2009
2) Walkers Point/Fifth Ward: $225.72 - Up $4.85 from 12-month period ending 9/1/2009
3) East Town: $210.73 - Down $6.61 from 12-month period ending 9/1/2009
4) Lower East Side: $208.26 - Up $2.24 from 12-month period ending 9/1/2009
5) Brewers Hill/Beerline: $177.34 - Down $14.83 from 12-month period ending 9/1/2009
6) All Neighborhoods: $175.66 - Down $2.58 from 12-month period ending 9/1/2009
7) Westown: $168.18 - Up $2.56 from 12-month period ending 9/1/2009
8) Upper East Side: $155.41 - Up $0.12 from 12-month period ending 9/1/2009
9) Halyard Park: $147.58 - Up $7.96 from 12-month period ending 9/1/2009
10) Bay View: $131.63 - Down $8.15 from 12-month period ending 9/1/2009
11) Riverwest: $95.27 - Down $10.48 from 12-month period ending 9/1/2009
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 $8.04 since January 1, 2009
2) Halyard Park: Up $4.38 since January 1, 2009
3) Westown: Down $0.13 since January 1, 2009
4) Lower East Side: Down $6.43 since January 1, 2009
5) All Neighborhoods: Down $13.08 since January 1, 2009
6) Third Ward: Down $13.18 since January 1, 2009
7) Walker’s Point: Down $13.31 since January 1, 2009
8) Upper East Side: Down $17.54 since January 1, 2009
9) Bay View: Down $23.85 since January 1, 2009
10) Riverwest: Down $26.37 since January 1, 2009
11) East Town: Down $42.38 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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Labels: Real Estate
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.
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