Hi, Troy Chowanec, RE/MAX Realty 100 coming to you with an update for the real estate market in the greater Milwaukee area. I just want to let you know what’s going on in the marketplace right now. We’re coming into a really swift market things are not sticking on the market very long at all. Right now my buyers are competing often times with other buyers and having to put in multiple offers to get a property.
Right now Centralized Showing Service, that’s the showing desk that we utilize for our showings told us that last week we had 724 active listings and 885 showing requests. If you look at 2012 we had 904 active listings and 874 showing requests. That’s 180 fewer listings! That’s a 20% drop over last year guys! However, the activity on those showings is just as high and higher than we had last year this time. So that just shows you where the market is going right now. We have this lack of inventory and we have this tremendous amount of showing activity and buyer interest out in the marketplace right now. My broker is saying they have never seen a market like this where we’ve gone from such a buyers market to arguably maybe a sellers market right now or heading into a sellers market.
MLS (Multiple Listing Service) reports that listings are also down regionally by 20% over last year. The median home price did increase 9.3% to $165,000 and the average days on the market dropped 10.1% to 106 days. Again that’s a 5 county metro area regional number. There is a 6.1 month supply of inventory and that really points to the market being a balanced market right now.
The GMAR (Greater Milwaukee Association of Realtors) reports that Milwaukee County saw increases in price in 12 of 19 communities. 19 of 27 communities in Waukesha County saw a price increase in the first quarter (of 2013). Home sales were up 11.3% in the month of March and they were up 14.1% for the the first quarter overall. So the market is really strong right now. If you are looking to sell a home this may be a great time to actually put it on the market and get a good price and make your exit. If you are looking to buy a home interest rates are really low right now so that makes it affordable to buy a home…and that would be a good reason right now to look at making a purchase.
If you’ve got a question or comment or if you would like to buy or sell a home and you are looking for a great agent to work with feel free to give me a call. Again my name is Troy Chowanec with RE/MAX Realty 100. Today I am over in Franklin at the Whispering Woods Subdivision, a new Mark Carstensen development and it’s located south of Drexel off of 68th Street. I’d love to hear from you and I’ll look forward to speaking with you again next month with my next market update
Hi, Troy Chowanec with RE/MAX Realty 100 I’m coming to you with your February 2013 market update for the city of Milwaukee and surrounding area. Existing home sales were up 18.3% in the 4 county area for January 2013 compared to January 2012. That’s 19 consecutive months of double digit sales increases when compared year over year. The Median home price was up 3.4% to $123,000.
In Milwaukee County the median price for 2012 was $100,000 and that was down over 2011 when the median price was $102,000 and significantly lower than the median price of $161,900 back in 2007. In Waukesha County things are looking a lot better. The median price for homes sold in 2012 in Waukesha County was $224,900. That’s significantly higher than the $219,000 median price we saw in 2011. If you go back to 2007 the median price in Waukesha County was $250,000. So Waukesha County has rebounded quite well at least as far as the 2012 statistics would suggest.
The number of listings that are selling is the big topic right now because inventories are so low and the number of homes that sold in 2012 rivals that of what we saw in 2007. So lots of activity happening right now out in the marketplace. RE/MAX Realty 100 is currently representing 665 listings and there were 625 showing requests last week. If you compare that to the 2012 statistics we had 837 listings and 734 showing requests. That’s 172 fewer listings and the percentage change of a showing request actually increased this year over last year.
If you have a question about the sale of your home please feel free to give me a call.and if you are looking to buy a home I’d be glad to help. Again my name is Troy Chowanec with RE/MAX Realty 100 and today I’m out in Franklin Wisconsin at Mission Ridge Subdivision. I look forward to hearing from you, Have a great
Hi, Troy Chowanec with RE/MAX Realty 100. Today is Saturday January 19, 2013. Today I am over in Franklin at the Imperial Heights Subdivision entrance monument. I just want to give you a quick update on what’s happening in the greater Milwaukee area.
The GMAR is reporting that home sales were up in 2012 by 24.6% over 2011. In the 4th quarter we saw a 23.1% increase in home sales. Low inventory continues to be the dominating topic of discussion right now. In the 4 county region we ended up the year with 9798 listings on the market and that is relatively low. We have about an 8.7 month supply of inventory right now. Typically going into the end of the year we have between 11,000-12,000 homes available in the marketplace.
So you would think with a lower amount of inventory we would start to see an increase in pricing pressure. We haven’t really seen that even though interest rates have been low and continue to be low and even though inventories are tight property values haven’t gone up any. We really were planning on seeing a little bit of an increase going into the end of last year. We are still waiting to see how that’s going to come out into 2013.
Currently RE/MAX Realty 100 is representing 662 active listings. It’s far less than what we represented back in January 2012 we had 821 listings. However, showings continue to be strong we actually had more showings this last week than we did this same week last year. That was 563 showings vs.559. We actually have 159 fewer listings and more showings. So showing activity continues to be strong.
If you have questions about selling your home or if your are looking to buy a home and are looking for some guidance and someone that can help you out give me a call again my name is Troy Chowanec with RE/MAX Realty 100. Have a great day.
Hello, Troy Chowanec from RE/MAX Realty 100. Today I am coming to you from the Victory Creek Subdivision in Franklin Wisconsin. Today is Friday December 14th, 2012. I want to start with the GMAR (Greater Milwaukee Association of Realtors) report for the home sales for November 2012. They are telling us that we saw an increase of home sales in the 4 county metro region of 24.2%. There were 2102 sales vs. 968 same period last year. For the year over-all sales are up 25.7%. We’ve had 14,937 units sold in the 4 county region vs 11,881 for this same period 2011.
In Milwaukee County 52% of all homes sold in the region were those homes that sold in Milwaukee County. So Milwaukee County controls the lions share of the movement in real estate. 49.3% of the sales in Milwaukee County though were under $100,000. So a lot of foreclosures and hard hit neighborhoods that saw a lot of action by investor purchases. 37.1% of the over-all sales in the 4 county region were in the $100,000-$200,000 price range.
Waukesha County accounted for 30% of all the sales in the 4 county region. Of those sales 35.3% were in the $100,000-$200,000 price range and 29.4% were in the $200,000-$300,000 price range. Current inventory levels for the region are at a 9 month supply so that’s a little elevated over last month but generally speaking supply levels are greatly reduced compared to last year.
Currently RE/MAX Realty 100 is representing 798 active listings and we had 483 showing requests last week. Last year we represented in the same period 935 active listings with 454 showing requests. So we continue to see this trend the whole year now where showings are actually increased and the listings have decreased. Interest rates continue to be aggressive and for those that qualify this is a great thing and I think this is contributing to our sales.
If you have any questions about selling your home or buying a home in the area feel free to give me a call or send me an email. I would be happy to help you any way I can. Again, Troy Chowanec, RE/MAX Realty 100. Have a Merry Christmas!
Hi, Troy Chowanec, RE/MAX Realty 100. Today is Tuesday 20th November 2012. I’m coming to you from the entrance of the River Terrace Estates Subdivision in Franklin Wisconsin. I wanted to give you a quick market update on what’s happening in the greater Milwaukee Area.
Currently RE/MAX Realty 100 is representing 829 active listings and we had 458 showing requests last week on those listings. Compare that to 2011 we had over 1000 active listings and 431 showing requests. So we continue to see where inventory is tight compared to the previous year and showing requests are stronger compared to the previous year. That’s a good thing for sellers out there as inventory continues to tighten. Home Sales in the 5 county area were up 32.8% in the month of October verses of October 2011. That’s 16 consecutive months of sales growth month over month. Inventory continues to be an issue we currently have an 8.4 month supply so as inventory continues to tighten up buyers are going to have fewer and fewer properties to select from.
As of right now most of the properties are falling in the $100,000-$200,000 price range of those that sold. About a third of all sales were in that price range. In Milwaukee County though its not as good a picture. 50.8% of all sales in Milwaukee County in the month of October were under $100,000.
Interest rates continue to be very low and very good for those that are looking to get conventional financing right now. We expect that over the next year we’ll start to see them slowly creep up. Probably in the mid 4% range is what is they are projecting for the moment. Underwriting rules are set to change at the beginning of the year so it’s going to be harder for buyers out there to get a loan on the properties that they’re considering buying. So that may be a challenge as we move forward into 2013 as will the expiration of some of the tax credits that we are currently getting. With the expiration of some of those tax credits Buyers are going to have less of their paycheck to be able to spend on housing.
That’s kind of a quick look at what is going on right now in middle of November here just before Thanksgiving. If you have any questions or need help with selling your home or buying a home please feel free to reach out to me. Again my name is Troy Chowanec with RE/MAX Realty 100. I’d love to hear from you. Have a great weekend. Bye!
Hi, Troy Chowanec, RE/MAX Realty 100. Today I am coming to you from Franklin Wisconsin. Specifically I am in the Hidden Lakes Subdivision. This sign has just been re-located as they have re-done their entrance monument. So I thought I would take the opportunity to showcase the old sign here. I want to start out with some market conditions we are seeing right now.
Right now RE/MAX Realty 100 is representing 872 Active listings in the MLS. We had 592 showing requests last week. Compare that to 2011 we had 1096 Active listings and only 486 showing requests. That is a 20% decrease in the number of listings and a 20% increase in the number of showing requests. So showings are still strong compared to last year this time. I was looking at market data as early as March and April of this year and the number of listings were similar to what we are currently seeing in the 800 or so number of listings we are representing. So inventory has stayed pretty level through out the year. Right now I am hearing buyers complain that there’s not enough good inventory to pick from….so that’s something to think about.
August we have the data that MLS has provided us as far as what’s happened over the course of the last month. In the four county region sales were up 21% over august 2011. In Milwaukee County Sales were up 11.5% there were 833 units sold vs. 747 units sold last year for August 2011. In Waukesha County the sales data is quite drastically different they’re up 42.7% in August 2012 over August 2011 531 listings sold in Waukesha County in August vs. 372 in August 2011.
Inventory levels continue to be low we’re at a 7.8 month supply of inventory right now and that’s quite a bit lower than we’ve been experiencing previously. 2007-2011 we had upwards of 10 months of inventory. Sales would probably be stronger right now if there was a better supply of inventory and more inventory for buyers to choose from. However, its still a buyers market and I suspect it will remain a buyers market for the foreseeable future. Interest rates are still low and that’s helping fuel the spur in sales. But prices really haven’t increased and so as a result it’s still a buyers market. Again, Troy Chowanec, RE/MAX Realty 100. If you have questions or want to know how I can help you sell your home or help you buy a home feel free to give me a call or shoot me an email. Have a great weekend!
Hi, Troy Chowanec, RE/MAX Realty 100. Today I’m coming to you from Franklin City Hall in Franklin Wisconsin. Today is Friday July 20th 2012. I’m coming to you with a new market update for the area. The Greater Milwaukee Association of Realtors last week came out with the statistics for June 2012 and for the (2nd) quarter. In the four county metro area home sales were up 25.8% in the month of June over last year and they were up 28.6% for the 2nd quarter overall. So that’s quite a dramatic increase over last year. That continues a 12 month double digit increase in home sales. So every month for the last year we’ve had a double digit increase in home sales to date. I think that’s largely attributed to the low interest rates that we are currently seeing out there on loans and the attractive prices on the homes that are out there as well.
In June we saw a 12.9% decline in the inventory listed in the metro area. So inventory continues to tighten and we are down to a 6.3 month supply of inventory at current time. We should start to see some pricing pressure as this inventory continues to decline with the increase in sales so that should bode well for some increase in price. We have seen that in a couple of counties but not in Milwaukee or Waukesha county as of yet. The breakdown for Milwaukee and Waukesha county are as follows: Milwaukee County for June of 2012 there was a 27.2% increase in sales over last year this time. There were 969 sales verses 762 last year. In Waukesha County we saw sales up 20.3% over last June. That’s 534 sales this year in June verses 444 last year in June.
The Centralized Showing Service which RE/MAX Realty 100 uses for showing requests shows that currently RE/MAX Realty 100 is representing 930 active listings verses 1168 this time last year. We had 664 showing requests this year verses 582 showing requests last year. So showings continue to be strong, inventory continues to tighten, this is all boding well for sellers that eventually we’ll see an increase in prices. We haven’t seen that yet but they are projected to start increasing in price sometime this year and into next year. If you have a question about listing and selling your home or about buying a home feel free to give me a call or shoot me an email I’d love to help you out. My name is Troy Chowanec with RE/MAX Realty 100. Have a great weekend.