Here are the current market conditions for the Franklin Wisconsin Single Family Home Real Estate Market.

There were 44 homes sold during the 3rd quarter of 2010 in the City of Franklin WI (down from 80 last quarter and down from 69 during the same period in 2009.) The monthly break down is as follows:

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• July – 10 homes sold
• August – 22 homes sold
• September – 12 homes sold

There were 186 active listings in Franklin, WI as of 11 October 2010 (up from from 179 back in July) of which 9 have accepted offers, down from 10 in July. There are an additional 4 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 3rd quarter 2010 were on the market, an average, 169 days, up from 133 in Q2. Homes sold for 94.16% of last asking price and 87.36% of assessed value a little down from last quarter. Based on the sales data for the quarter, there is currently a 12-13 month supply of inventory in the Franklin, WI Market up from the 6-7 month supply we had in July. I predicted that the supply of inventory would increase as home sales slowed after the expiration of the tax credit and that has proven correct. There was a total of $13,343,690 in sales volume (almost half that of Q2) translating into an average sales price of $303,266 (up about 17K from Q2) The lowest sold price of a home this quarter was $25,000 and the highest priced sale came in at $780,000. From what I could determine looking at the tax records and the MLS data, there were 6 foreclosure sales and 1 short sale during the quarter. Below is a spreadsheet showing the breakout by month of the sales. Also below are 3 pdf links that provide monthly detailed property info on sold properties. If you are thinking about selling your home please feel free to contact me any time. ~Troy

(all data collected using the Metro-MLS 10/11/10)

Solds MLS Data Sheet July 2010
Solds MLS Data Sheet August 2010
Solds MLS Data Sheet September 2010

By: Paul Gores of the Journal Sentinel

Date: 10 September 2010

Source: Milwaukee Journal Sentinel 11 September 2010 Business Section

Link: http://www.jsonline.com/business/102638414.html

Sales so far this year are down nearly 4% and expected to stay low

Sales of existing homes in the metro Milwaukee area fell for the third consecutive month, dropping 37% in August and dragging totals for the year into negative territory – a place a local industry leader says they may reside until the job situation improves. Realtors sold 946 homes last month, compared with 1,500 in August 2009, according to data released Friday by the Metro MLS Inc. Sales plunged in all four counties – Milwaukee, Ozaukee, Washington and Waukesha – in August, with Washington County posting the worst percentage falloff at 54.5%. Home sales were down 2% in June from a year earlier, and 45.3% in July. For the first eight months of 2010, sales of existing homes have decreased 3.9%, Metro MLS figures show.

The drop in sales was expected because last summer, more buyers were being drawn into the market by a first-time homebuyer federal tax credit of up to $8,000. At that time, home shoppers believed the credit would expire Dec. 1. However, the incentive was extended and expanded by Congress to April 30 of this year. Home sales have declined this summer since the expiration of the tax credit, which was part of Congress’ economic stimulus package. The slump in sales occurred despite mortgage rates that hit historic lows. “From now until everyone declares the economy fully recovered, house sales should track employment numbers pretty closely,” said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors.

Ruzicka said he thinks “household formation” is down, in part because college graduates can’t find work and are going home to live with their parents or renting, which keeps them out of the residential real estate market. He also said he believes rhetoric around the pending elections is having a dampening effect on the attitudes of potential buyers. “With just the negativity of each side saying the other side is going to ruin the world, people are just kind of holding back and saying, ‘OK, I am just going to hunker down until Nov. 2, and if the sun comes up Nov. 3, maybe I’ll look at buying a house,’ ” Ruzicka said.

Realtor Steve Bergelin said the early part of the year “had a lot of buzz” because of the availability of the tax credit, but the buying climate has cooled considerably. “I’ve noticed a significant drop in overall activity – showings on listings, appointments set up. I had lunch with my favorite loan officer yesterday and all he’s really doing is refinancings as opposed to purchases,” said Bergelin, a sales associate with Realty Executives Integrity in Hartland.

Beth Jaworski of Shorewest Realtors in Wauwatosa said low mortgage rates have kept up some interest in the market, and that residential real estate investors still are active. “Most of these people have owned property. They realize, ‘I can buy this house at rock bottom.’ They can rent it out and they can have cash flow immediately. They can rent for a few years, the market turns, and then they pocket the profit and they’ve got cash flow all the while from Day One,” she said.

Ruzicka said home shoppers realize it’s a buyer’s market, and they generally will make an offer 20% lower than the asking price, no matter how reasonable the price is. Jaworski said buyers are very demanding in the tough market right now. “The buyers just think they should get the moon, the stars and their mortgage paid for five years because they’ve heard so much that it’s a buyer’s market,” Jaworski said. “And it is. But with the prices where they are, there are some incredible deals.”

Here are the current market conditions for the Oak Creek Wisconsin Single Family Home Real Estate Market.

There were 84 homes sold during the 2nd quarter of 2010 in the City of Oak Creek WI (up from 36 last quarter and up from 62 during the same period in 2009.) The monthly break down is as follows:

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• April – 27 homes sold
• May – 32 homes sold
• June – 25 homes sold

There were 152 active listings in Oak Creek, WI as of 12 July 2010 of which 16 have accepted offers.  There are an additional 5 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 2nd quarter 2010 were on the market, an average, 136 days. Homes were selling for 96.10% of last asking price and 87.22% of assessed value. Based on the sales data for the quarter, there is currently a 5-6 month supply of inventory in the Oak Creek, WI Market. I expect that with the expiration of the tax credit that we will see the supply of inventory increase as fewer homes are sold over the next few months. There was a total of $17,965,960 in sales volume translating into an average sales price of $222,558.   The lowest sold price of a home this quarter was $43,000 and the highest priced sale came in at $424,760. From what I could determine looking at the tax records and the MLS data, there were 11 foreclosure sales and 4 short sales during the quarter. Below is a spreadsheet showing the breakout by month of the sales. Also below are 3 pdf links that provide monthly detailed property info on sold properties. If you are thinking about selling your home please feel free to contact me any time. ~Troy

(all data collected using the Metro-MLS 7/14/10)

Solds MLS Data Sheet April 2010
Solds MLS Data Sheet May 2010
Solds MLS Data Sheet June 2010

Here are the current market conditions for the Franklin Wisconsin Single Family Home Real Estate Market.

There were 80 homes sold during the 2nd quarter of 2010 in the City of Franklin WI (up from 47 last quarter and up from 58 during the same period in 2009.) The monthly break down is as follows:

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• April – 24 homes sold
• May – 29 homes sold
• June – 27 homes sold

There were 179 active listings in Franklin, WI as of 12 July 2010 (down from from 207 back in April) of which 10 have accepted offers, down from 30 in April. There are an additional 10 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 2nd quarter 2010 were on the market, an average, 133 days, down from 168 in Q1. Homes were selling for 94.95% of last asking price and 91.97% of assessed value a little down from last quarter. Based on the sales data for the quarter, there is currently a 6-7 month supply of inventory in the Franklin, WI Market down from the 13-14 month supply we had in April. I expect that with the expiration of the tax credit that we will see the supply of inventory increase as fewer homes are sold over the next few months. There was a total of $21,726,252 in sales volume (almost twice that of Q1) translating into an average sales price of $286,029 (up about 38K from Q1) The lowest sold price of a home this quarter was $74,000 and the highest priced sale came in at $760,000. From what I could determine looking at the tax records and the MLS data, there were 10 foreclosure sales and 3 short sales during the quarter. Below is a spreadsheet showing the breakout by month of the sales. Also below are 3 pdf links that provide monthly detailed property info on sold properties. If you are thinking about selling your home please feel free to contact me any time. ~Troy

(all data collected using the Metro-MLS 7/12/10)

Solds MLS Data Sheet April 2010
Solds MLS Data Sheet May 2010
Solds MLS Data Sheet June 2010

Here are the current market conditions for the Greenfield Wisconsin Single Family Home Real Estate Market.

There were 36 homes sold during the 1st quarter of 2010 in the City of Greenfield WI (about 50% less than last quarter.) The monthly break down is as follows:

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• January-  12 homes sold
• February- 5 homes sold
• March- 19 homes sold

There are 157 active listings in Greenfield, WI as of 11 May 2010 (about 33% more than last quarter) of which 28 have accepted offers. There are an additional 19 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 1st quarter 2010 were on the market, on average, 133 days, up from 127 last quarter. Homes were selling for 95.86% of last asking price and 86.56% of assessed value. Based on the sales data for the quarter, there is currently a 13 month supply of inventory in the Greenfield, WI Market which is a dramatic increase over last quarter. While about 22% of the total number of sales were listed as foreclosures they were mostly comprised of homes at the lower price points.  There was a total of $7,270,080 in sales volume which translates into an average sales price of $201,947 (up dramatically from the previous quarter) for the Greenfield WI home market.

(all data collected using the Metro-MLS 5/11/10)

Here are the current market conditions for the Franklin Wisconsin Single Family Home Real Estate Market.

There were 47 homes sold during the 1st quarter of 2010 in the City of Franklin WI (the same last quarter but up from 29 during the same period in 2009.) The monthly break down is as follows:

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• January – 11 homes sold
• February – 14 homes sold
• March – 22 homes sold

There are 207 active listings in Franklin, WI as of 12 April 2010 (up from 137 back in January) of which 30 have accepted offers. There are an additional 12 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 1st quarter 2010 were on the market, on average, 168 days, up from 106 from the 4th quarter and 137 from the 3rd quarter last year. Homes were selling for 96.88% of last asking price and 92.75% of assessed value which represent little from last quarter. Based on the sales data for the quarter, there is currently a 13-14 month supply of inventory in the Franklin, WI Market up from the 8-9 month supply we had in January. There was a total of $11,664,700 in sales volume (down from the previous 2 quarters) which translates into an average sales price of $248,185 (Down about 7K from Q4 2009) for the Franklin WI home market.

(all data collected using the Metro-MLS 4/12/10)

Here are the current market conditions for the Greenfield Wisconsin Single Family Home Real Estate Market.

There were 78 homes sold during the 4th quarter of 2009 in the City of Greenfield WI (16 more than last quarter.) I attribute this to the first time home buyers tax credit that was set to end in November but has been extended through the 2nd quarter of 2010. The monthly break down is as follows:

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• October- 34 homes sold
• November- 29 homes sold
• December- 15 homes sold

There are 102 active listings in Greenfield, WI as of 20 October 2009 (Down from 150 last quarter) of which 10 have accepted offers. There are an additional 7 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 4th quarter 2009 were on the market, on average, 86 days, down from over 100 last quarter. Homes were selling for 95.71% of last asking price and 114.09% of assessed value which is down about 2% over last quarter. Based on the sales data for the quarter, there is currently a 4 month supply of inventory in the Greenfield, WI Market which is actually a pretty tight supply. There was a total of $13,805,550 in sales volume which translates into an average sales price of $176,994 (up $5604 from the previous quarter) for the Greenfield WI home market.

(all data collected using the Metro-MLS 1/5/10)

Here are the current conditions for the Oak Creek Wisconsin Single Family Home Real Estate Market.

There were 47 homes sold during the 4th quarter of 2009 in the City of Oak Creek, WI. The monthly break down is as follows:

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• October- 21 homes sold
• November- 20 homes sold
• December- 6 homes sold

There are 108 active listings in Oak Creek, WI as of 5 January 2010 of which 6 have accepted offers. There are an additional 8 homes that are in pending status meaning that they are pretty much ready to close. (all 3 numbers are down significantly from the previous quarter.) Homes sold in the 4th quarter 2009 were on the market, on average, 99 days, a full month less than in the 3rd quarter. Homes were selling for 96.13% of last asking price (up slightly from last quarter) and 86.68% of assessed value (also up slightly from last quarter.) Based on the sales data for the quarter, there is currently a 6.89 month supply of inventory in the Oak Creek, WI Market which is up a little over last quarter. There was a total of $9,630,880 in sales volume which translates into an average sales price of $204,912 (down about $20,000 over the past 2 quarters) for the Oak Creek, WI home market.
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(all data collected using the Metro-MLS 1/5/10)

Here are the current market conditions for the Franklin Wisconsin Single Family Home Real Estate Market.

There were 47 homes sold during the 4th quarter of 2009 in the City of Franklin WI (21 less than last quarter.) The monthly break down is as follows:

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• October – 20 homes sold
• November – 19 homes sold
• December – 8 homes sold

There are 137 active listings in Franklin, WI as of 5 January 2010 (down from 203 in the 2nd quarter and 175 in the 3rd quarter) of which 11 have accepted offers. There are an additional 13 homes that are in pending status meaning that they are pretty much ready to close. Homes sold in the 4th quarter 2009 were on the market, on average, 106 days, down from 157 from the 2nd quarter and 137 from the 3rd quarter. Homes were selling for 95.82% of last asking price and 92.94% of assessed value which are fractional changes from last quarter. Based on the sales data for the quarter, there is currently a 8-9 month supply of inventory in the Franklin, WI Market up for the first time in two quarters. There was a total of $12,025,550 in sales volume (down about 22% from last quarter) which translates into an average sales price of $255,863 (up about 35k from the previous quarter) for the Franklin WI home market.

(all data collected using the Metro-MLS 1/5/10)

The meltdown of the U.S. housing market is not over yet, and home prices will soon start trekking downward again as a flood of foreclosures looms, a well-known economist said Wednesday.
Mark Zandi, chief economist at at Moody’s Economy.com in West Chester, Pennsylvania, said in an interview with Reuters home prices will resume their decline by early next year as foreclosure sales pick up again. “The housing crash is not over,” he said. The U.S. housing market has suffered the worst downturn since the Great Depression, and its impact has rippled through the recession-hit economy as well as the rest of the world. A setback for the hard-hit housing market could portend problems for the U.S. economy.

Home prices, as measured by the Standard & Poor’s/Case-Shiller U.S. National Home Price Index, will trough in the third quarter of 2010 after declining 38 percent, Zandi said. The index peaked in the second quarter of 2006 and hit a trough in the first quarter of 2009, a drop of about 32 percent. Home prices in many regions have been rising. That is because foreclosure sales fell over the summer and fall as mortgage servicers have tried to put stressed homeowners into the Home Affordable Modification Program and other modification plans, he said. “This lull in foreclosures sales has resulted in the price gains in the past few months,” he said. “Foreclosure sales will increase, and home prices will resume their decline by early 2010 as mortgage servicers figure out who will not qualify for a modification,” he said.

Zandi said 7.5 million foreclosure sales will have taken place between 2006 and 2011. The majority of these sales, however, have not emerged yet, with 4.8 million foreclosure sales expected between 2009 and 2011. Attractive rates and high affordability have been positives for the U.S. housing market, which has been showing signs of stabilization. Sales have surged in recent months as buyers scrambled to take advantage of the government’s first-time home buyer tax credit, which was originally set to end Nov. 30.
Last month the Omaha administration extended the $8,000 first-time home buyer tax credit, added a $6,500 credit for home owners buying a new residence, and increased income limits. Eligible borrowers must sign contracts by April 30 and close loans by June 30.

Zandi said another significant obstacle to a housing market recovery is the number of mortgages that are “underwater,” where borrowers owe more for the loan than the residence is worth. This negative equity disqualifies many homeowners from refinancing and prevents some from selling their homes. Borrowers in negative equity are also more prone to defaults and foreclosures. Zandi said about 25 percent of single-family homes with mortgages have negative equity. “With so many homeowners so deeply underwater and unemployment very high and on the rise, the foreclosure crisis will continue putting more pressure on home prices,” he said.

The U.S. Labor Department said the unemployment rate reached a 26-1/2-year high of 10.2 percent in October. November’s unemployment rate in November will be announced Friday. “Our house price outlook is dependent on two other key assumptions, including a more stable job market by early 2010 and that interest rates on fixed-rate mortgages remain well below 6 percent throughout the year,” he said. The unemployment rate will peak at 10.7 percent in the third quarter of 2010, Zandi forecast.