July 2020 Milwaukee Real Estate Market Update

July 2020 Milwaukee Real Estate Market Update. Well, much as the country is working on a phased reopening of the economy, in June. The real estate activity continued to strengthen as well. Nationally June showing the activity as tracked by ShowingTime, was up notably from the COVID-19 depressed levels in recent months, but was also up are from June of 2019, reflecting pent-up demand by prospective home buyers. Hi, I’m Rich Barnes, owner of Broker of Realty Experts in West Allis, Wisconsin 53214. And just like last month, buyer activity is off the charts with multiple offers on priced-right properties in good condition. New listings in the Milwaukee region decreased 9.5% to 2308. Sales were down 17% to 1760 as compared to June of 2019. Inventory levels rose 18% to 4152, which is a sign that sellers are coming back to the table. Prices continued to gain traction. The medium sales price increased 5.4% to 260,000. Days on market was up 14%. Buyers felt empowered as month’s supply of inventory was up 36.4% to three months. While buyer activity continues to be robust, seller activity continues to be a bit softer, with fewer homes listed for sale than a year ago. Many housing experts believe sellers remain reluctant to list their homes due to the continued concerns over the COVID-19 which was beginning to see a resurgence back in June. Until sellers regain confidence, housing inventory will continue to be constrained during what is expected to be an active summer selling season. All data for the market reports comes from the Multiple Listing Service Inc. If you’ve been thinking of selling your home, but you have some fears about how the process works, feel free to reach out. I’m here to help. Thanks, and you have a great day. Milwaukee Real estate market update.

July 2020 Milwaukee WI Market Report
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