October home sales jump 7.9% in metro Milwaukee

In an otherwise flat year for the residential real estate market in metro Milwaukee, October sales of existing homes jumped 7.9%.

The Greater Milwaukee Association of Realtors said Tuesday an increase in listings of properties for sale contributed to the uptick.

There were 1,835 homes sold last month, up from 1,700 in October 2018, in Milwaukee, Ozaukee, Washington and Waukesha counties. It was the fifth time in 2019 that sales topped sales in the same month last year.

Through the first 10 months of the year, however, sales in the four-county area were down 0.7%, to 17,681 from 17,797 in the same period of 2018.

Mike Ruzicka, president of the Greater Milwaukee Association of Realtors, noted in his monthly report that all four counties had a year-over-year rise in sales in October.

At this point in the annual cycle sales often trail off, but with listings up in September, there were enough homes available for buyers to choose from, he said.

Ruzicka also said the regional economic climate — low unemployment, low interest rates and growing numbers of households — provides an environment for healthy demand by homebuyers.

Multiple offers have slowed and sellers need to have their property in "move-in" condition to attract good, quality offers, he said.

Last month, Milwaukee County had a 10.4% rise in sales, going to 995 from 901 in October 2018. Other increases in home sales: Waukesha County, to 521 from 516, or 1%; Washington County, to 185 from 175, or 5.7%; and Ozaukee County, to 134 from 108, or 24.1%.

While sales went up in Ozaukee County, the median price went down, according to data from the Wisconsin Realtors Association. The median price of homes sold in Ozaukee County last month was $289,000, or 3.7% less than $300,000 in October 2018.

Meanwhile, the median October price in Waukesha County climbed 7.8%, to $296,450 from $274,950, while the median price increased 6.7% in Washington County, to $240,000 from $225,000. The median price in Milwaukee County went up 3.1%, to $165,000 from $160,000.

 Paul Gores can be reached at  paul.gores@jrn.com.  Follow him on Twitter @pgores.