April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above the asking price. By the time a property sale closes with such strong activity, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who frequently have to submit offers on multiple properties before they can secure a purchase.
New Listings in the Milwaukee region increased 31.8% to 2,161. Closed Sales increased 8.4% to 1,632. Inventory levels rose 12.3% to 3,035 units.
Prices continued to gain traction. The Median Sales Price increased 6% to $265,000. Days on Market was down 30.6% to 25 days. Buyers felt empowered as Months Supply of Inventory was up 11.8% to 1.9 months.
Buyers, sellers, and agents are all trying their best to predict where the housing market is going. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.