Station Selected:

Southeast Wisconsin home sales, listings rise but supply remains tight

Southeast Wisconsin home sales, listings rise but supply remains tight

May 15, 2024 10:58 AM CDT
By: Stuart J. Wattles

Share Article:

MILWAUKEE, Wis (Civic Media) — Home sales and listings in metropolitan Milwaukee saw significant increases in April, though a lack of supply continues to put upward pressure on prices and limit opportunities for potential homebuyers. The Greater Milwaukee Association of Realtors warns in new numbers that ‘there is a significant, long-term danger if we do not create additional supply in the form of single-family and condominium units’.

Sales of existing homes in the four-county Milwaukee region were up 17.9% compared to April 2023, according to data released Wednesday. It marked the fourth consecutive month of year-over-year sales increases.

The number of homes listed for sale also jumped 17.3% from a year ago, extending a nine-month streak of year-over-year listing gains.

Despite the increases, real estate experts say the market remains tilted in favor of sellers due to a shortage of homes for sale. The lack of supply has caused prices to continue rising, with the average sale price up 3.5% in April compared to the same month last year.

“There is a considerable amount of pent-up buyer demand,” said Mike Ruzicka, president of the realtors’ association. “In fact the metropolitan market would need an additional 4,625 listings in order to achieve a balanced market.

The shortage is being felt in both the existing home market and new construction. While the pace of new home building has improved recently, it remains below the level needed to meet demand in the region, according to the data.

Real estate analysts warn that the lack of supply, especially for single-family homes and condominiums, could lead to long-term problems for prospective homebuyers struggling to find affordable properties.

Milwaukee County: 23.2% increase (715 in 2023 to 881 in 2024).

Waukesha County: 5.3% increase (340 in 2023 to 358 in 2024).

Ozaukee County: 1.2% decrease (81 in 2023 to 80 in 2024).

Washington County: 37.5% increase (104 in 2023 to 143 in 2024).

4 County Metro Area: 17.9% increase (1,240 in 2023 to 1,462 in 2024).

Racine County: 3.6% decrease (168 in 2023 to 162 in 2024).

Kenosha County: 6.9% increase (131 in 2023 to 140 in 2024).

Walworth County: 41.7% increase (96 in 2023 to 136 in 2024).

SE WI Area: 16.2% increase (1,635 in 2023 to 1,900 in 2024).

image
WAUK - Waukesha - The 'SHA