June 2020 Real Estate Market Update

Everyone Rich Banes here, Realty Experts in West Allis, Wisconsin, 53214 with the June Milwaukee Real Estate market update. It’s been quite a ride these last few months, but things are definitely picking up. If you’re a seller, you will never find a better time to sell your home. Interest rates are in the low threes and there’s more buyers out there than we have homes to sell them. I have actually never seen this much buyer activity in my 20 years of selling real estate, except before the market crash of 2007. It’s actually quite crazy out there with multiple offers on almost everything, driving prices up and up. So what does that love market look like? Sold listings this time last year, were 229 as compared to this year 224, down 2.2%. Pending listings this time last year 272, this year 277, up 1.8%. Active listings last year 692, compared to this year, 667 down 3.6%. New listings on the market this time last year 344, this year 327, down 4.9%. The absorption rate. Remember the absorption rate is the number of months of inventory we would have if no new listings hit the market. This time last year, 2.01 months of inventory, this year 2.03, up 1%. The good news is for sellers that the average sales price keeps climbing, last year $117,907 as compared to this year, $133,346 up 13%. You’ll never find a better time to cash out. And lastly, days on the market, we’re up to 12.82% from 39 days to 44 days. If you have any questions about the market or you would like to know the market value of your home, please feel free to reach out. I’m here to help. Thanks and you have a great day.

June 2020 local market update
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