Southeastern Wisconsin Housing Market in Detail
brookfield, elm grove, germantown richfield, Homes, Houses, Housing Market, lake country, listings, menomonee falls, muskego, new berlin, oconomowoc, prices, Sales, wauwatosa
Last week I discussed a Milwaukee-Journal article about area home sales being up 25% over last year. I received a lot of feedback, including inquiries about this figure and requests for additional details. Let’s take a closer look at specific municipalities and discuss what the numbers mean on a local level!
If you have questions about an area that is not listed, please contact me. I’ll be happy to help!
Milwaukee County
Wauwatosa
Washington County
Germantown / Richfield
Waukesha County
Brookfield / Elm Grove
Lake Country
Menomonee Falls
New Berlin / Muskego
Oconomowoc
Brookfield / Elm Grove
Brookfield / Elm Grove At-a-Glance | ||||||
Change in New Listings | +10.1% | |||||
Change in Closed Sales | +10.2% | |||||
Change in Median Sales Price | -11.5% | |||||
March | Year to Date | |||||
Brookfield / Elm Grove In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 99 | 109 | +10.1% | 218 | 252 | +15.6% |
Closed Sales | 49 | 54 | +10.2% | 103 | 115 | +11.7% |
Median Sales Price | $263,500 | $233,250 | -11.5% | $248,000 | $245,000 | -1.2% |
Percent of Original Market Price Received | 92.8% | 94.1% | +1.4% | 93% | 93.3% | +0.3% |
Days on Market Until Sale | 102 | 65 | -36.4% | 98 | 76 | -22.0% |
Inventory – Single Family | 213 | 217 | +1.9% | — | — | — |
Inventory – Townhouse/Condo | 41 | 45 | +9.8% | — | — | — |
Listings and closed sales are up, the median sales price is down, and the percent of the original market price received is essentially flat. This tells me that more folks in Brookfield / Elm Grove are listing and successfully selling compared to 2014. Given that sellers are receiving a larger percentage of their original market price, sellers are coming onto the market at a lower price. Unfortunately, Brookfield / Elm Grove sellers are also selling their homes for less than they were receiving last year.
What does this mean for Brookfield / Elm Grove sellers? I love the increase in listings and sales, but I’m not a fan of lower asking and even lower selling prices. My Brookfield / Elm Grove buyers at all price points frequently complain that the homes need updating. Their complaints go beyond paint and flooring and to dated and tired kitchens and bathrooms. While there’s no sense in spending $35,000.00 to obtain a $20,000 higher sales price, sellers should consider updates where a dollar spent is at least $1.10 earned. Remember, earnings can include utility and property tax savings from less time on market!
What does this mean for Brookfield / Elm Grove buyers? There are more properties and more sales. However, sale prices are down because your competition is ignoring dated properties in favor of updated homes. Have an imagination to see past sun-faded forest green carpeting, old and dark cabinets, and tarnished brass. Discount for the updating that needs to be done and you may get a diamond in the rough!
If you have questions about buying or selling in Brookfield or Elm Grove, please contact me. I’ll be happy to help!
Lake Country
Lake Country North* At-a-Glance | ||||||
Change in New Listings | -6.0% | |||||
Change in Closed Sales | +28.6% | |||||
Change in Median Sales Price | +4.8% | |||||
March | Year to Date | |||||
Lake Country North* In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 266 | 250 | -6.0% | 578 | 576 | -0.3% |
Closed Sales | 91 | 117 | +28.6% | 180 | 233 | +29.4% |
Median Sales Price | $259,500 | $272,000 | +4.8% | $240,000 | $272,000 | +13.3% |
Percent of Original Market Price Received | 94.2% | 94.4% | +0.1% | 93.4% | 93.9% | +0.6% |
Days on Market Until Sale | 100 | 95 | -4.4% | 99 | 102 | +2.9% |
Inventory – Single Family | 527 | 615 | +16.7% | — | — | — |
Inventory – Townhouse/Condo | 171 | 132 | -22.8% | — | — | — |
*Includes Chenequa, Delafield, Hartland, Lac la Belle, Merton, Nashotah, North Lake, Oconomowoc, | ||||||
Oconomowoc Lake, Okauchee, Pewaukee, Stone Bank, and Summit. | ||||||
Lake Country South* At-a-Glance | ||||||
Change in New Listings | -14.9% | |||||
Change in Closed Sales | +60.0% | |||||
Change in Median Sales Price | +5.3% | |||||
March | Year to Date | |||||
Lake Country South* In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 74 | 63 | -14.9% | 158 | 168 | +6.3% |
Closed Sales | 25 | 40 | +60.0% | 67 | 78 | +16.4% |
Median Sales Price | $239,900 | $252,525 | +5.3% | $231,900 | $262,250 | +13.1% |
Percent of Original Market Price Received | 93.2% | 92.8% | -0.5% | 92.5% | 93.7% | +1.3% |
Days on Market Until Sale | 88 | 128 | +45.1% | 100 | 120 | +19.4% |
Inventory – Single Family | 181 | 204 | +12.7% | — | — | — |
Inventory – Townhouse/Condo | 11 | 18 | +63.6% | — | — | — |
*Includes Dousman, Eagle, Genesee, Genesee Depot, Mukwonago, North Prairie, and Wales. |
Lake Country North and South share a lot of commonalities when it comes to housing trends. New listings are down in both areas (though South is up YTD). Closed sales are up, and March sales are through the roof in the South! Median sales prices show positive growth and the percent of market price received by sellers is relatively stable in both areas.
What does this mean for all Lake Country sellers? There’s one sure recipe for sales price growth; new listings are down and sales are up! This is classic supply and demand, and Lake Country sellers are well-positioned for continuing increases in sales prices.
What does this mean for Lake Country buyers? Stop sitting on your hands and get off that fence! My Lake Country buyers are all complaining about the lack of new inventory, and sellers are content to sit on their property and wait for the “right” buyer to pay their price. And they’re getting it! High demand and a lack of inventory translates to price increases down the road. Unless there truly isn’t anything on the market you want, jump now or pay more down the road!
If you have questions about buying or selling in Lake Country, please contact me. I’ll be happy to help!
Menomonee Falls
Menomonee Falls At-a-Glance | ||||||
Change in New Listings | +8.0% | |||||
Change in Closed Sales | -16.2% | |||||
Change in Median Sales Price | +16.0% | |||||
March | Year to Date | |||||
Menomonee Falls In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 75 | 81 | +8.0% | 167 | 164 | -1.8% |
Closed Sales | 37 | 31 | -16.2% | 78 | 76 | -2.6% |
Median Sales Price | $213,000 | $247,000 | +16.0% | $211,250 | $213,525 | +1.1% |
Percent of Original Market Price Received | 94.0% | 93.6% | -0.4% | 93.6% | 93.4% | -0.2% |
Days on Market Until Sale | 94 | 88 | -7.0% | 90 | 90 | +0.0% |
Inventory – Single Family | 127 | 150 | +18.1% | — | — | — |
Inventory – Townhouse/Condo | 32 | 44 | +37.5% | — | — | — |
Menomonee Falls is an odd situation. March numbers are dramatic but YTD numbers are much flatter. What’s going on here? In 2014, buyers and sellers were more evenly spread through the first quarter. In 2015, they slept through January and February but moved quickly in March. We’re also seeing an overall YTD drop in the number of new listings and new sales but a slight increase in the median sales price. This, combined with new construction starts, tells me that Menomonee Falls buyers are getting pickier and are gravitating toward higher quality homes at the expense of older properties that need updating.
What does this mean for Menomonee Falls sellers? Sellers with new, newer, or freshly updated homes are in a great position. March buyers are rewarding you while ignoring the older, smaller, and more dated homes! But what should sellers with these older homes consider? While there’s no sense in spending $35,000.00 to obtain a $20,000 higher sales price, sellers should consider updates where a dollar spent is at least $1.10 earned. Remember, earnings can include utility and property tax savings from less time on market!
What does this mean for Menomonee Falls buyers? Slightly fewer properties and sales still translates to a great selection. However, sale prices are up because of keen competition for new, newer, and updated homes. Bargain hunters need an imagination to see past sun-faded wallpaper, old and dark cabinets, and tired appearances. Discount for the updating that needs to be done and you may get a diamond in the rough!
If you have questions about buying or selling in Menomonee Falls, please contact me. I’ll be happy to help!
New Berlin / Muskego
New Berlin / Muskego At-a-Glance | ||||||
Change in New Listings | +17.3% | |||||
Change in Closed Sales | +19.2% | |||||
Change in Median Sales Price | +19.2% | |||||
March | Year to Date | |||||
New Berlin / Muskego In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 98 | 115 | +17.3% | 239 | 252 | +5.4% |
Closed Sales | 52 | 62 | +19.2% | 112 | 135 | +20.5% |
Median Sales Price | $200,750 | $239,200 | +19.2% | $210,000 | $230,000 | +9.5% |
Percent of Original Market Price Received | 92.1% | 95.3% | -3.5% | 92.1% | 94.3% | +2.4% |
Days on Market Until Sale | 103 | 66 | -36.2% | 93 | 82 | -12.1% |
Inventory – Single Family | 164 | 208 | +26.8% | — | — | — |
Inventory – Townhouse/Condo | 61 | 44 | -27.9% | — | — | — |
Wow. New Berlin / Muskego is a healthy market! Listings, closed sales, and median sales prices are all up! Buyers have always loved these communities because they are so convenient to Milwaukee County, and this year is no exception.
What does this mean for New Berlin / Muskego sellers? There’s no arguing that this is a great time to sell! Even with the competition increasing, closed sales and median sales prices are way up. If you want to sell, now is your time!
What does this mean for New Berlin / Muskego buyers? More properties with more sales and higher sales prices mean that you are in competition in a hot market. High demand and fast-moving inventory translates to price increases down the road. Unless there truly isn’t anything on the market you want, jump now or pay more down the road.
If you have questions about buying or selling in Muskego or New Berlin, please contact me. I’ll be happy to help!
Oconomowoc
Oconomowoc At-a-Glance | ||||||
Change in New Listings | -1.5% | |||||
Change in Closed Sales | +40.0% | |||||
Change in Median Sales Price | +2.2% | |||||
March | Year to Date | |||||
Oconomowoc In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 67 | 66 | -1.5% | 173 | 175 | +1.2% |
Closed Sales | 30 | 42 | +40.0% | 60 | 83 | +38.3% |
Median Sales Price | $228,500 | $233,611 | +2.2% | $203,250 | $245,700 | +20.9% |
Percent of Original Market Price Received | 94.4% | 93.4% | -1.1% | 93.1% | 93.7% | +0.7% |
Days on Market Until Sale | 84 | 98 | +16.6% | 89 | 93 | +4.6% |
Inventory – Single Family | 154 | 180 | +16.9% | — | — | — |
Inventory – Townhouse/Condo | 58 | 54 | -6.9% | — | — | — |
Oconomowoc is the classic “tight” market. New listings are slightly down for the month and slightly up YTD, but closed sales are through the roof and the median sales price is up (slightly for the month and well up YTD). Few new properties and plenty of sales drives down inventory. Tight inventory without a decrease in demand or an increase in supply leads to price increases.
What does this mean for Oconomowoc sellers? It is difficult to find a better time to sell! Competition is flat, and the number of closed sales is great. Median sales prices are up and should continue to rise if the situation with demand and lack of inventory continues.
What does this mean for Oconomowoc buyers? There are relatively few properties coming on market and your competition is actively purchasing what inventory exists. Unfortunately for Oconomowoc buyers, this is not the time to be picky. Be creative and see past dated elements.
If you have questions about buying or selling in Oconomowoc, please contact me. I’ll be happy to help!
Wauwatosa
Wauwatosa At-a-Glance | ||||||
Change in New Listings | +2.9% | |||||
Change in Closed Sales | +91.7% | |||||
Change in Median Sales Price | +22.7% | |||||
March | Year to Date | |||||
Wauwatosa In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 104 | 107 | +2.9% | 223 | 259 | +16.1% |
Closed Sales | 36 | 69 | +91.7% | 97 | 123 | +26.8% |
Median Sales Price | $178,011 | $218,500 | +22.7% | $195,500 | $204,000 | +4.3% |
Percent of Original Market Price Received | 93.4% | 94.9% | +1.6% | 92.5% | 94.4% | +2.1% |
Days on Market Until Sale | 96 | 81 | -16.0% | 87 | 73 | -15.9% |
Inventory – Single Family | 195 | 192 | -1.5% | — | — | — |
Inventory – Townhouse/Condo | 9 | 10 | +11.1% | — | — | — |
Those are astounding numbers! Wauwatosa is having an amazing month with a 91.7% increase in closed sales over March 2014. Listings are up a much smaller amount than sales and, no surprise, median sale prices are also up.
What does this mean for Wauwatosa sellers? Sellers of quality properties are in the driver’s seat. New listings (your competition) are up, but they are up less than the number of closed sales. There is an acute shortage of properties for sale in Wauwatosa, and that is driving price and demand much higher.
What does this mean for Wauwatosa buyers? There are few properties coming on market, your competition is actively purchasing what inventory exists, and they are not afraid to spend more for the home they want. Wauwatosa buyers can ill-afford to be picky; sellers are demanding excellent financials and friendly offers, and there are plenty of other buyers out there if they do not like your offer. Buyers, especially those seeking quality updated properties, are not in charge in Wauwatosa.
If you have questions about buying or selling in Wauwatosa, please contact me. I’ll be happy to help!
Germantown / Richfield
Germantown / Richfield At-a-Glance | ||||||
Change in New Listings | +40.9% | |||||
Change in Closed Sales | +19.2% | |||||
Change in Median Sales Price | -6.0% | |||||
March | Year to Date | |||||
Germantown / Richfield In-Depth | 2014 | 2015 | + / – | 2014 | 2015 | + / – |
New Listings | 44 | 62 | +40.9% | 106 | 155 | +46.2% |
Closed Sales | 26 | 31 | +19.2% | 68 | 70 | +2.9% |
Median Sales Price | $232,350 | $218,500 | -6.0% | $249,500 | $218,500 | -12.6% |
Percent of Original Market Price Received | 92.3% | 95.5% | +3.4% | 93% | 93.2% | +0.3% |
Days on Market Until Sale | 77 | 87 | +14.0% | 101 | 89 | -12.0% |
Inventory – Single Family | 99 | 130 | +31.3% | — | — | — |
Inventory – Townhouse/Condo | 32 | 49 | +53.1% | — | — | — |
Germantown and Richfield are seeing an impressive number of new listings and a smaller increase in sales. However, prices are down. This is a classic example of over-supply in the market.
What does this mean for Germantown / Richfield sellers? You’ve got a lot of competition. Though more homes are selling, inventory is rising and buyers have their pick of the litter. Because of the additional competition, buyers are not worried about missing out on a property; there’s always another one coming along.
What does this mean for Germantown / Richfield buyers? The Germantown / Richfield area is still a friendly market. While quality properties still sell for a quality price, there is currently an oversupply of homes on the market. Good news for you!
If you have questions about buying or selling in Germantown or Richfield, please contact me. I’ll be happy to help!