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Monthly Indicators
September 2014 Quick Facts
A RESEARCH TOOL PROVIDED BY METRO MLS FOR ACTIVITY IN THE 4-COUNTY MILWAUKEE METROPOLITAN AREA
+ 4.7%
Change inMedian Sales Price
+ 3.6%
Change inInventory
+ 1.2%
Change inClosed Sales
Markets across the nation seem to be back on the recovery track after a brief pause. One of the more encouraging aspects of this renewed recovery is that new construction of single-family homes reached six-year highs in August, according to the U.S. Commerce Department. Consumers are also finding more listings in their search results than they have in years. Inventory is rising in many neighborhoods as higher prices have motivated more sellers to list.
Market Overview 2New Listings 3Pending Sales 4Closed Sales 5Days on Market Until Sale 6Median Sales Price 7Average Sales Price 8
9Housing Affordability Index 10Inventory of Homes for Sale 11Months Supply of Inventory 12
Data is refreshed regularly to capture changes in market activity. Figures shown may be different than previously reported. Current as of October 10, 2014. All data from Metro MLS. Powered by 10K Research and Marketing.
Click on desired metric to jump to that page.
Percent of List Price Received
e g bo oods as g e p ces a e o a ed o e se e s o s
New Listings in the Milwaukee region increased 4.7 percent to 2,081. Pending Sales were down 23.0 percent to 949. Inventory levels rose 3.6 percent to 8,464 units.
Prices continued to gain traction. The Median Sales Price increased 4.7 percent to $178,000. Days on Market was up 1.2 percent to 78 days. Buyers felt empowered as Months Supply of Inventory was up 9.0 percent to 6.5 months.
The departure of investors from the scene should benefit first-time homebuyers, but student debt and sluggish wage growth have slowed that transition. The economy is growing, but it's growing at a slower pace than desired. Thankfully, inflation remains tame, partly enabling the Federal Reserve to keep rates low for longer, contrary to the forecasts of most economists.
Market Overview Key market metrics for the current month and year-to-date figures.
Key Metrics Historical Sparklines 9-2013 9-2014 + / – YTD 2013 YTD 2014 + / –
+ 1.2% 89 82 - 8.0%
+ 3.6%
1,232 949 - 23.0% 13,371 12,523 - 6.3%
20,9321,987 2,081 + 4.7% 20,202
1,382 1,399 + 1.2% 13,107
New Listings
Pending Sales
Closed Sales
Days on Market Until Sale
12,578 - 4.0%
77 78
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
All data comes from Metro MLS. for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 2
6.0
176 - 1.0%
+ 3.6%
+ 9.0%
8,464
6.5
176
--
-- --
--
--Months Supplyof Homes for Sale
Inventory of Homes for Sale
+ 4.7% $172,000 $177,000
+ 0.4%
+ 2.9%
- 0.4% 93.3% 93.7%93.4% 93.0%
Housing Affordability Index
Median Sales Price
Average Sales Price
Percent of OriginalList Price Received
$207,959
178
8,167
177 + 0.8%
--
$206,707 $209,972 + 1.6%
$170,000 $178,000
$215,025 + 3.4%
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
9-2011 9-2012 9-2013 9-2014
New Listings A count of the properties that have been newly listed on the market in a given month.
MonthPrior Year
Current Year
+ / –
October 1,718 1,834 +6.8%
November 1,321 1,231 -6.8%
December 983 922 -6.2%
January 1,680 1,670 -0.6%
February 1,784 1,761 -1.3%
March 2,300 2,417 +5.1%
April 2,615 2,813 +7.6%
May 2,714 2,798 +3.1%
June 2,498 2,788 +11.6%
July 2,384 2,424 +1.7%
August 2,240 2,180 -2.7%
September 1,987 2,081 +4.7%
1,687
1,9872,081
September
19,498 20,202 20,932
Year To Date
+3.6%+17.8% +4.7% +3.6%
12-Month Avg 2,019 2,077 +2.9%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 3
2012 2013 2014
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical New Listing Activity
2012 2013 2014
Pending Sales A count of the properties on which contracts have been accepted in a given month.
MonthPrior Year
Current Year
+ / –
October 1,182 1,220 +3.2%
November 974 978 +0.4%
December 856 853 -0.4%
January 1,042 915 -12.2%
February 1,185 1,041 -12.2%
March 1,485 1,320 -11.1%
April 1,691 1,657 -2.0%
May 1,834 1,755 -4.3%
June 1,729 1,783 +3.1%
July 1,638 1,742 +6.3%
August 1,535 1,361 -11.3%
September 1,232 949 -23.0%
1,1511,232
949
September
12,06213,371
12,523
Year To Date
-6.3%+7.0% -23.0% +10.9%
12-Month Avg 1,365 1,298 -4.9%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 4
2012 2013 2014
300
600
900
1,200
1,500
1,800
2,100
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Pending Sales Activity
2012 2013 2014
Closed Sales A count of the actual sales that have closed in a given month.
MonthPrior Year
Current Year
+ / –
October 1,284 1,319 +2.7%
November 1,111 1,021 -8.1%
December 1,001 1,074 +7.3%
January 795 785 -1.3%
February 882 820 -7.0%
March 1,331 1,136 -14.7%
April 1,459 1,336 -8.4%
May 1,770 1,625 -8.2%
June 1,821 1,870 +2.7%
July 1,877 1,877 0.0%
August 1,790 1,730 -3.4%
September 1,382 1,399 +1.2%
1,196
1,382 1,399
September
11,525
13,10712,578
Year To Date
-4.0%+15.6% +1.2% +13.7%
12-Month Avg 1,375 1,333 -3.1%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 5
2012 2013 2014
250
500
750
1,000
1,250
1,500
1,750
2,000
2,250
2,500
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Closed Sales Activity
2012 2013 2014
Days on Market Until Sale Average number of days between when a property is listed and when an offer is accepted in a given month.
MonthPrior Year
Current Year
+ / –
October 100 82 -17.7%
November 100 84 -16.1%
December 99 91 -8.2%
January 106 93 -12.9%
February 107 97 -10.0%
March 106 98 -7.7%
April 103 87 -16.0%
May 87 85 -1.8%
June 83 74 -10.6%
July 77 73 -5.5%
August 81 77 -5.2%
September 77 78 +1.2%
101
77 78
September
108
8982
Year To Date
-8.0%-23.4% +1.2% -17.0%
12-Month Avg 91 83 -9.4%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 6
2012 2013 2014
50
60
70
80
90
100
110
120
130
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Days on Market Until Sale
2012 2013 2014
Median Sales Price Median price point for all closed sales, not accounting for seller concessions, in a given month.
MonthPrior Year
Current Year
+ / –
October $162,000 $172,000 +6.2%
November $156,250 $163,500 +4.6%
December $150,000 $165,000 +10.0%
January $140,000 $155,000 +10.7%
February $145,000 $150,750 +4.0%
March $159,500 $163,250 +2.4%
April $167,000 $162,050 -3.0%
May $173,000 $176,000 +1.7%
June $190,000 $188,500 -0.8%
July $181,900 $190,000 +4.5%
August $180,500 $192,000 +6.4%
September $170,000 $178,000 +4.7%
$160,000$170,000
$178,000
September
$161,000$172,000 $177,000
Year To Date
+2.9%+6.3% +4.7% +6.8%
12-Month Med $169,900 $175,000 +3.0%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 7
2012 2013 2014
$135,000
$145,000
$155,000
$165,000
$175,000
$185,000
$195,000
$205,000
$215,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Median Sales Price
2012 2013 2014
Average Sales Price Average sales price for all closed sales, not accounting for seller concessions, in a given month.
MonthPrior Year
Current Year
+ / –
October $195,137 $200,459 +2.7%
November $189,758 $197,627 +4.1%
December $185,236 $203,400 +9.8%
January $181,435 $190,484 +5.0%
February $173,264 $177,034 +2.2%
March $189,811 $189,744 -0.0%
April $200,562 $191,873 -4.3%
May $202,321 $205,968 +1.8%
June $227,483 $227,066 -0.2%
July $221,213 $225,203 +1.8%
August $218,972 $226,266 +3.3%
September $207,959 $215,025 +3.4%
$196,322$207,959 $215,025
September
$190,703$206,707 $209,972
Year To Date
+ 1.6%+ 5.9% + 3.4% + 8.4%
12-Month Avg $203,375 $207,959 +2.3%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 8
2012 2013 2014
$170,000
$180,000
$190,000
$200,000
$210,000
$220,000
$230,000
$240,000
$250,000
$260,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Average Sales Price
2012 2013 2014
Percent of Original List Price Received Percentage found when dividing a property’s sales price by its original list price, then taking the average for all properties sold in a given month, not accounting for seller concessions.
MonthPrior Year
Current Year
+ / –
October 90.3% 92.6% +2.5%
November 89.8% 91.8% +2.3%
December 89.8% 91.3% +1.7%
January 90.3% 91.8% +1.7%
February 89.6% 90.5% +1.0%
March 92.0% 92.4% +0.4%
April 93.0% 93.8% +0.8%
May 94.2% 93.9% -0.4%
June 94.7% 95.2% +0.6%
July 94.6% 94.8% +0.2%
August 93.7% 94.3% +0.7%
September 93.4% 93.0% -0.4%
90.7% 93.4% 93.0%
September
90.8% 93.3% 93.7%
Year To Date
+0.4%+3.0% -0.4% +2.7%
12-Month Avg 92.6% 93.3% +0.8%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 9
2012 2013 2014
86%
88%
90%
92%
94%
96%
98%
100%
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Percent of Original List Price Received
2012 2013 2014
Housing Affordability Index
MonthPrior Year
Current Year
+ / –
October 202 176 -12.7%
November 210 188 -10.6%
December 219 187 -14.9%
January 233 198 -15.1%
February 223 204 -8.4%
March 202 190 -6.0%
April 194 190 -2.0%
May 183 180 -2.1%
June 159 168 +5.3%
July 167 166 -0.4%
August 166 165 -0.1%
September 178 176 -1.0%
This index measures housing affordability for the region. An index of 120 means the median household income was 120% of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.
204
178 176
September
203
176 177
Year To Date
+0.8%-12.8% -1.0% -13.3%
12-Month Avg 195 182 -5.7%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 10
2012 2013 2014
90
110
130
150
170
190
210
230
250
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Housing Affordability Index
2012 2013 2014
Inventory of Homes for Sale The number of properties available for sale in active status at the end of a given month.
MonthPrior Year
Current Year
+ / –
October 8,388 7,827 -6.7%
November 7,845 7,225 -7.9%
December 6,982 6,296 -9.8%
January 6,927 6,347 -8.4%
February 7,002 6,467 -7.6%
March 7,219 6,965 -3.5%
April 7,606 7,578 -0.4%
May 7,938 8,048 +1.4%
June 8,176 8,365 +2.3%
July 8,215 8,314 +1.2%
August 8,186 8,317 +1.6%
September 8,167 8,464 +3.6%
8,8528,167 8,464
September
+3.6%-7.7%
12-Month Avg 7,721 7,518 -2.8%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 11
2012 2013 2014
5,000
6,000
7,000
8,000
9,000
10,000
11,000
12,000
13,000
14,000
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Inventory of Homes for Sale
Months Supply of Inventory The inventory of homes for sale at the end of a given month, divided by the average monthly pending sales from the last 12 months.
MonthPrior Year
Current Year
+ / –
October 6.8 5.7 -15.3%
November 6.3 5.3 -15.8%
December 5.6 4.6 -17.2%
January 5.4 4.7 -14.2%
February 5.5 4.8 -12.0%
March 5.6 5.2 -7.0%
April 5.9 5.7 -3.2%
May 6.1 6.1 +0.6%
June 6.1 6.3 +2.7%
July 6.1 6.2 +2.2%
August 6.0 6.3 +4.5%
September 6.0 6.5 +9.0%
7.3
6.06.5
September
+9.0%-17.7%
12-Month Avg 5.9 5.6 -5.4%
All data comes from Metro MLS for activity in the 4-County Milwaukee Metropolitan Area. Powered by 10K Research and Marketing. | Click for Cover Page | 12
2012 2013 2014
2
4
6
8
10
12
14
16
1-2004 1-2005 1-2006 1-2007 1-2008 1-2009 1-2010 1-2011 1-2012 1-2013 1-2014
Historical Months Supply of Inventory