Homes sales in May tumble 25% from last year
The Metropolitan Milwaukee housing market took an expected dip in May.
A total of 1,598 homes were sold in May, while 2,136 were sold in the same month last year. That is a decrease of 25.2%
The primary culprit for the sluggish activity was the lack of homes available due to the pandemic; sellers were wary of spreading COVID-19, and buyers were worried about catching it.
But the high number of mortgage applications, up 13% from the same time last year, according to the Mortgage Bankers Association, is a sign buyers are intending to make up for lost time.
Part of the reason for the high volume of applications, in addition to the gradual easing of social distancing measures, are near-record-low mortgage rates.
A recent report from the Greater Milwaukee Association of Realtors expects the peak buying season, which usually occurs in the spring, to be pushed back to the summer.
Missy Buttrum, who owns HomeWire Realty and sells homes throughout Milwaukee, Waukesha and Washington counties, along with several other areas, was able to buck the downward trend entirely.
“I’m just slammed,” she said. Buttrum has been in the business for over eight years and partially blames the weak market on the behavior of sellers themselves.
“They didn’t want to do showings. They were a little freaked out. They think the market stopped, but it really didn’t.” she said.
To accommodate potential buyers, she provided gloves, hand sanitizer and made sure there were no overlapping visits among clients. Her firm offered virtual tours as well.
“You just got to move with the market and do what you need to do to keep going,” said Buttrum. “You don’t just bury your head in the sand.”