Latest Milwaukee area housing trends show Avg sales price has surpassed pre-recession peak
The Greater Milwaukee Association of Realtors reports a significant psychological hurdle for the housing market that hopefully means sellers will feel more comfortable about the market's future and their housing options.
The aggregate average sale price for the metropolitan market was up in the 2nd quarter, finally eclipsing the pre-recessionary peak in 2006, although just barely.
"So we've kind of come back," says Mike Ruzicka of GMAR. "We had the lost decade. So, we're back to even. Things are going exceptionally well. Next two quarters we'll continue to see that. 2018 a little bit iffy. Given all the unknowns with tax policy and mortgage interest deduction. It's too hard to tell what's happening."
But, Inventory remains very tight and with high demand that could only add up to buyer frustration.
Real estate agents who have been in the business since the 1980's say they can't recall a time when the number of available was this low.
"About 40% of the market is first time home buyers," Mike Ruzicka of GMAR tells CBS 58 News. "And they're going after houses basically under $350,000. So that's where we're seeing a tightening of the market. Over $350,000 its taking the usual 90 days to sell. Over a $million dollars, lake properties in Waukesha County, they're doing well. But they've always done well. It's a different market."
All four metropolitan counties had increases in unit sales in June.
Washington County leading the way with 55 units.
That's a 23.8% increase over the previous June.
The one big tip for anyone looking to sell is make sure your home is move in ready.
"You can't advertise fixer upper," advises Ruzicka. "People just don't have the time. Carpeting has to be new. New paint. A new outside. Curb appeal counts for a lot."
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