Milwaukee Real Estate Market Update

-Milwaukee real Estate update.  What’s happening in a local West Allis, Wisconsin 53214 area code real estate trends in Milwakee as well. We have had a very slow past 30 days in sales but everything is starting to pick up. Hi everyone, I’m Rich Barnes owner/broker of Realty Experts in West Allis, Wisconsin. We currently have 1,008 active homes in the Milwakee area compared to 1,033 active listings last year down 2.4 percent. We do expect to see the numbers increase significantly as we head into spring. Right now, most of our listings are seeing multiple offers and bidding wars as inventory increases this trend will likely go down. There are currently 117 homes pending and only 204 homes have actually sold in the last 30 days. The absorption rate in Milwakee is 2.24 as compared to last years at this time 2.03, a difference of almost 11%. You probably haven’t heard the term absorption rate before here’s a brief explanation. It is the number of months it would take to sell homes that are currently listed for sale if no other homes were listed for sale in the interm. The easiest way to define what the market absorption is in real estate for example if the current market absorption rate in the Milwakee market is 2.24 this means simply that it would take a little over two and a quarter months to sell all the remaining homes that are listed for sale assuming no other properties are listed. Some sellers could care less about the current local market absorption rate which is actually a mistake. I highly recommend this be a real estate interview question to ask perspective real estate agents when hiring them to sell your home. A top producing realtor who has experience in the local market will have a strong grasp of the current market absorption rate at all times. Hi, I’m Rich Barnes of Realty Experts and feel free to reach out to me with any questions. I’m here to help. Thanks and have a great day.

Milwaukee Real Estate Market Update
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