Milwaukee April 2020 Local Market Update

– Milwaukee Market Update.  What’s going on with real estate in the greater Milwaukee area? Believe it or not, with all that’s going on in the world right now, real estate sales haven’t been affected very much from what I can see. I put a new listing on the market over the weekend in the Jackson Park area of Milwaukee and had 12 showings on the first day. Multiple offers by the end of the day and all the offers were above asking. Hi, I’m Rich Barnes, Owner/Broker of Realty Experts in West Allis, Wisconsin, 53214. In over my 20 years of selling real estate, I’ve helped hundred of people buys and sell their homes and here’s what’s going on in the market right now. In Milwaukee, there are presently 327 new listings, as compared to last year, 344, down 4.9 percent. Active listings on the market, 692, as compared to last year, 644, 3.6 percent down. Pending listings, or listings under contract, 276 right now, as compared to last year, 272, up 1.5 percent. Absorption rate, how many months of inventory we have left, if no new listings hit the market, is 2.02 months, as compared to last year, 2.01 months. The average list price is 117,887, as compared to last year, 123,885, down 4.82 percent. And that’s a little interesting. But the good new for sellers in this market, the average sales price is 133,346, as compared to last year, 117,907, up 13 percent from last year. So if you’re still on the fence, you’re thinking if it’s a good time to sell your home, the answer is yes. Values are up, the market hasn’t slowed much at all. Interest rates are at historic lows and buyers are out in force. If you have any questions regarding the market, selling or buying a home, please feel free to reach out. You’re safety is my top priority. Thanks and you have a great day.

Local Market Update April 2020
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