A much improved market?

As most of you know, I am a very statistical person. Statistics don’t lie and I rely on then to give my clients and customers the best and most informative recommendation on the market. I have used Wauwatosa in the past as a bench market in the past for evaluating the Metro Milwaukee Real Estate market. Below is an evaluation of single family home sales over the last three years in the metro Milwaukee area. This will give us a yearly snapshoot of the changing market and market trends.

Currently there are only 2 homes in Wauwatosa under $100,000. Last year 33 homes sold in Wauwatosa under $100,000, 2011  40 homes sold under $100,000 and in 2010 22 homes sold under $100,000.

Lets take a look at a few other communities.

Grafton/Cedarburg only 1 home currently on the market under $100,000. 6 homes sold last year under $100,0000 and 12 in 2011

City/town of Waukesha has 14 homes currently on the market under $100,000 98 homes were sold ion 2012 under $100,000 and 57 homes sold in 2011

City of Milwaukee ( I had to keep the cap at $50,000 because the number were so great) There are currently 445 single family homes available in the city of Milwaukee. 2012 sales for single family homes were 1,528, in 2011 there were 1,209 and in 2012 there was 870 home sales under $50,000

So what was the worst year? Has the market changed?

This doesn’t mean that the market is going crazy and you will not be able to purchase a home, but, it does mean that the bargains are going away fast and the market is starting to increase its prices.

What does this mean for you in your home search? Unfortunately it isn’t going to get easier. The new year always bring out new and more buyers. The secret is definitely out . IT IS A GOOD TIME TO PURCHASE A HOME OR CONDO!

If you are a serious buyer in today’s market, I would encourage you to not only to actively look at homes, but when you find the right home, act quickly. Multiple offers are not unusual in todays market. In a multiple offer situation you are now competing with other buyers and loose negotiating power.