MLS

March 2010 Statistics

Metro Home Sales Up 20% for March
Up 9% for 1st Qtr of 2010

Sales in the 4-county Metropolitan Milwaukee area rose 20% for March 2010, compared to the same time in 2009, according to housing statistics released by Metro MLS, Inc.

Individual counties were all up with Milwaukee County seeing a 23.5% rise in sales, Waukesha County came in with a healthy 10.5% increase in sales, Washington County also had a strong month, posting a 29.3% increase in sales, and Ozaukee County was up 11.5%.

For the 1st quarter of the year, sales in the metropolitan area were up 9.0%. Similar to March’s numbers, all 4 metro counties were in positive territory for the quarter, despite some having negative periods during the first three months of the year. Milwaukee County posted a 7.5% increase for the quarter, Waukesha county saw a 4.1% gain, Washington County posted a 17.4% increase and Ozaukee County rose by 39.3%.

January and February saw some counties up and others down, but March’s numbers were expected to be healthy as we head into the home stretch of the federal Homebuyer Tax Credits, which comes to and end on April 30th.

The increase in sales in March is following a pattern similar to what we saw in the 4th quarter of 2009, when the first tax credit was expected to expire on November 30th. October 2009 saw a 33.9% increase in sales, followed by a whopping 74.8% increase in November, therefore, we can probably expect April 2010 to be a very healthy month.

Another sign on the market’s health is the inventory of homes. We are showing an 11-month level of inventory (number of current active listings compared to the current number of sales) in the 4-county area. This compares to a 13-month level at the end of the 1st quarter in 2009 and 15.6-months in 2008. At the end of the 1st quarter of 2007, before the sub-prime market crashed and brought on the recession, saw had an 8.8-month inventory level.

Average home prices have stabilized at 0.1% for the whole metropolitan area, but fluctuated in individual counties.

While the federal tax credits are coming to an end, the future for home buyers is still very bright. With price decreases, historically low interest rates, and abundant choices, buyers should be motivated to take advantage of the market for the balance of 2010.

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