Today I wanted to give you a market update on how the market has been doing the last seven months.
Now that we’re into August, I thought I would take some time to give you a market update recapping the last seven months of this year. I’ve laid out the current statistics compared to this time last year below.
IF YOU’RE THINKING OF SELLING, NOW IS THE TIME TO DO SO.
• Number of homes available for sale is down by 12% • Number of days on market decreased from 61 to 39 days • Number of listings also decreased by 2% • Number of homes sold is down 9%, mostly due to low inventory • Median sales price has increased 5% to 6% in the metro area • Milwaukee County sales price is $160,000 • Waukesha County sales price is $308,000 • Washington County sales price is $255,000 • Ozaukee County sales price is $305,000 • Racine County sales price is $171,000
Inventory is low and prices are going up—so if you’ve been thinking of selling, now is the time to do so. Based on these statistics, we’re in a firm seller’s market in the metro area. For buyers, the interest rates are still low and you can find a great deal on a mortgage if you’re looking to buy.
If you have any questions on the market or you’re looking to buy or sell a home, please give us a call. We’d be happy to help!