Metro home sales, prices up

4-county area has best year since 2005

Metro Milwaukee home sales posted their best year in 2016 since 2005, a report released Friday shows.

Sales of existing homes in Milwaukee, Ozaukee, Washington and Waukesha counties totaled 21,007 in 2016. That was 7.1% more than in 2015, and the most in a year since 2005, when there were 21,642 homes sold in the four counties.

At the same time, the average price rose in each county from a year earlier. The average price was up 5.1% in Milwaukee County, 4.9% in Waukesha County, 4.6% in Ozaukee County and 1.1% in Washington County.

The strong year occurred despite a limited inventory of homes for sale.

“A 7.1% jump in sales is truly remarkable given the declining pool of available homes the market has produced for several months,” Mike Ruzicka, president of the local Realtors organization, said in his monthly re-

port.

For the full year, 11,544 homes were sold in Milwaukee County, a 10.3% increase from 10,467 in 2015. Sales were up 4.8% in Ozaukee County, to 1,352 from 1,290. Sales rose 3.3% in Washington County, to 2,073 from 2,006, and 3.2% in Waukesha County, to 6,038 from 5,848.

In what has become a seller’s market, prices are starting to approach their 2007 peaks in some areas. The average sale prices in 2016 were $168,319 in Milwaukee County; $303,503 in Waukesha County; $310,036 in Ozaukee County; and $228,661 in Washington County.

Ruzicka said the fourcounty market is 3.4% away from its peak average sale price in 2007 of $261,280.

Milwaukee County has the furthest to go, at 14.6%, to get back to its 2007 pre-recessionary

high of $192,844, because it is the largest and most diverse market within the region, he said. Waukesha County peaked at $310,688 in 2007, and is 2.4% from that point. Washington County is only 1% below its 2007 peak price of $231,052. Ozaukee County peaked in 2008 at $315,871, and is 1.9% away from that price point.

The robust overall sales in 2016 occurred even though sales in December were down about 1% from December 2015, to 1,371 from 1,385. But the inventory of homes for sale in the month was particularly limited. December listings were the lowest for any December since the turn of the century.