MLS

February 2010 Statistics

Metro Home Sales Down 1.5% for February

Sales in the 4-county Metropolitan Milwaukee area broke an 8-month streak of increases in February, dropping off 1.5% compared to the same time last year, according to housing statistics released by Metro MLS, Inc.

Individual counties saw mixed reviews. Milwaukee County came in with a decrease in sales of 2.4% for February, after a 6.4% decline in January. Listings in the county were up 19.5%.

Waukesha County started the year strong with a 13.7% increase in January, but sales receded in February by 11.4%. Listings in the county were up 17.3% from a year earlier.

Washington County posted a 0% change from last year, with 40 unit sales. Listings were up 14.5% in the county.

Ozaukee County was the statistical anomaly, coming in with a 65.6% increase in sales for February, after reporting a 65.2% increase in January. The county did parallel the other metropolitan counties in listings, however, coming in with an 11.0% increase.

Despite the decrease in February sales, the state of the real estate market in the Milwaukee area is improving. February was a slight pause in market activity as the April 30th tax credits deadline approaches. Sales in March and April should increase, just as sales did in October and November of last year, when the tax credit was set to expire on November 30th.

An interesting trend we see in February’s statistics are the increase in listings in all four counties, up 17.9%. This can be explained, again, by looking toward the April 30th tax credits deadline. In normal times, we see increases in listings begin around March, but this year sellers listed their properties in January and February to let buyers take advantage of the tax credits.

In these confusing times, buyers and sellers should remember to “Start With A REALTOR®” before consulting with a lender or other housing professional.