Metro housing market posts best September in 11 years

The metro Milwaukee housing market posted its best September in 11 years, with sales rising 6.1% from the same time a year ago.

Sales in Milwaukee, Ozaukee, Washington and Waukesha counties totaled 1,844 last month, up from 1,738 in September last year. It was the most for the month since 2005, according to a report Wednesday by the Greater Milwaukee Association of Realtors.

Through the first three quarters of 2016, sales were up 7.5% and average sale prices were higher in all four counties.

Sales would have been even better in September and the first nine months of the year if there had been more homes on the market, Mike Ruzicka, president of the local Realtors organization, said in his monthly report.

"Given the demand that exists, the market surely would have seen higher sales, in both periods, if the pool of inventory was bigger," Ruzicka said. "The lack of listings under approximately $350,000 has slowed, and in some cases prevented, buyers from acquiring a home."

In Milwaukee County, September sales increased 9.5%, to 991 from 905. Sales rose 11%, to 181 from 163, in Washington County, while increasing to 119 from 117 in Ozaukee County, or 1.7%. September sales were unchanged from 2015 in Waukesha County at 553.

Ruzicka said the limited inventory is pushing prices up in all counties.

Through the first three quarters of 2016, the average sale price in Milwaukee County was $177,059, a 10.2% rise from $160,645 at the same time in 2015. However, the average price for homes sold in the city of Milwaukee declined 2.6%, to $117,501 from $120,638.

In Waukesha County, the average sale price was $299,577 at the end of the third quarter, a 3.7% increase from $288,866 in the same period last year. The average sale price was $228,345 in Washington County, up 2.9% from $221,841, and $314,097 in Ozaukee County, or 6.1% higher than $296,003 in 2015.

Most individual communities in the area saw price increases. Twenty-three of Waukesha County's communities had higher prices, as well as 16 in Milwaukee County, eight in Washington County and six in Ozaukee County.