MLS Market Update
Metro MLS has supplied the following market information: New Listings in the Milwaukee region decreased 3.0 percent to 1,622. Pending Sales were down 33.8 percent to 608. Inventory levels fell 1.9 percent to 6,234 units. Prices continued to gain traction. The Median Sales Price increased 3.2 percent to $160,000. Days on Market was up 1.6 percent to 94 days. Buyers felt empowered as Months Supply of Inventory was up 0.3 percent to 4.7 months. The 3 percent down payment programs from Fannie Mae and Freddie Mac should help potential new homeowners, but in a recent member survey by the Independent Community Bankers of America, three-fourths of respondents stated that regulatory burdens are hurting their ability to loan money. The wider economy shows slight wage increases and gas prices near five-year lows but rising along with extended daylight and buyer demand. These various economic pushes and pulls can turn stagnant markets into exciting ones. It’s all in how you look at it.