Metro Milwaukee home sales up 24.1%

The housing market typically slows in the fall and winter in the Milwaukee metro area.

But not this year. With sales delayed in spring during the beginning of the coronavirus pandemic, the real estate market has been catching up in the second half of the year.

Home sales in the four-county area were up 24.1% in November, according to an analysis by the Greater Milwaukee Association of Realtors released Friday.

“The fall market’s surge is part of a larger trend,” the association said in the analysis. “The current market has actually been on a roll since July 2019.”

The association called the slowdown this spring during the statewide stay-athome order a “speed bump.”

The metropolitan Milwaukee market is on pace to reach annual sales of about 21,000 units, which has been the average number sold in the area since 2016. Through November, 20,115 units have sold. There were 21,133 sales in 2019.

The greatest uptick in housing sales compared to last year was in Ozaukee County. The number of units sold in the county in November was up 87.5% over 2019.

Prices are rising. The median sale price for single-family units in the fourcounty area was up 8.2% last month. Condominium and townhome prices were up 4.3%.

The sellers’ market has led to more listings, the association said. Listings were up 4.9% in November. Demand is high, though. If the number of units available in the area doubled, the market could easily absorb them, the association said.

The Greater Milwaukee Association of Realtors is a professional organization with more than 5,000 members. The association performs its analysis with data collected by Metro MLS Inc., a subsidiary of GMAR.