Milwaukee/Waukesha County Sales Statistics

When people find out that I am a Realtor, I am asked almost immediately, hows the market?  Is anything selling?  What can you tell me about what is happening?  So here are some statistics to mull over.

• Through 10 November 2007,  10,401 single family homes had sold verses 8,564 this year. (a drop of 18%)

• Last years average days a on market was 75 and this year it’s 86. (an increase of 13%)

• Last years average list price was $248,048 and this year it’s $234,490. (a drop of 5%)

• Last years average sold price was $239,565 and this year it’s $224,940. (a drop of 7%)

• Finally, the last asking price to sold price ratio changed from 3% to 4% this year, meaning that people were getting 97% of their asking price last year and this year they are getting 96%.

• A real interesting figure was the square footage price, it actually increased this year by 11% (see below)

What does this all mean?  I guess that is up to how you want to interpret the data.  Clearly, there are fewer homes that have sold this year.  There are currently 6795 homes on the market in Milwaukee and Waukesha Counties.  So based on this years sales data we have about 9 months of inventory.  People are paying less for homes compared to last year.  You could easily make the correlation that people are paying more per square foot this year but that is probably not the case, more likely it’s due to agents that put info in the system not putting in a square footage number.  No number registers a big fat 0 and drags down the numbers.  Again, this search included only the most general of search criteria.  In the past when using a more refined search the results don’t seem to change a whole lot.  If you are in the market to buy real estate for personal or investment reasons, now is a good time to think about making a move.  There are lots of good deals right now.