Promising news was recently released regarding the real estate market in the Metro Milwaukee area. Following a strong pace for home sales in July, August home sales in our region were 41.4% ahead of sales in August of 2010. In the four-country metro area, there were a total of 1,338 sales, compared to 946 at this time last year.
Buyers are realizing now is a fantastic time to buy, and are taking advantage of big discounts in the market. Prices are down about 30% from peak, and buyers – especially first-time homebuyers – are jumping to buy a home at a great deal.
Gen Y buyers represent a strong segment in the marketplace, looking to buy affordable starter homes. Of sales in August, 62.9% of sales were homes less than $200,000 in the four-county area. 21% were homes in the $200,000 range, 7.9% were in the $300,000 range, 3.7% were in the $400,000 range and 4.5% were $500,000 or more.
The increase in sales since last year is a positive sign for the real estate market in our area. Interest rates continue to stay low and the region’s inventory holds a variety of homes for sale for all types of homebuyers. If you’ve been sitting on the fence, now is the time to buy! If you need guidance during your home buying or selling process, consult with a knowledgeable, professional Coldwell Banker Residential Brokerage Realtor and rest assured you’ll be receiving truly remarkable service.