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Franklin Real Estate and Homes For Sale in Wisconsin - Troy Chowanec, RE/MAX Realty 100, RealtorĀ®

15 February 2012 Milwaukee Real Estate Market Update

Milwaukee Market Update Troy Chowanec, RE/MAX Realty 100, 15 February 2012. From Whitnall Park, Franklin, WI, Along the Root River.

Hi, Troy Chowanec here, RE/MAX Realty 100. Today I am coming to you from Whitnall Park in Franklin Wisconsin, and I am actually standing along the Root River today on one of the many trails that run through this park.

This week I got an email from the MLS with a statistical update, giving us some valuable information to consider as we look at the market and conditions today. New listings currently are down 72.4% in the month of January over last year with 550 new listings taken. Pending sales are down 80.7% over last year and inventory levels are down 13.8% over last year. There’s currently 8632 units for sale in the MLS. Prices continue to soften. We saw median sales price go down $159,750. However, Days on Market, properties have stayed on the market a little bit longer. They are currently at 125 Days on Market. Supply continues to decrease. We actually have a 10.9% decrease in our market supply. That leaves us 9.3 months supply of inventory in the system. 9.3 (months supply) represents a buyers market. When we get down to 6 (months supply) that would be a balanced market and anything under 6 (months supply) it becomes a sellers market. I would anticipate as we go through the spring market we could see a little fluctuation there and it will really depend on how many new units the foreclosure market introduces into the supply chain.

Active listings right now that our company represents according to CSS (Centralized Showing Service) is 840 units. And last week we had 674 showing requests. That means you had an 80% chance of your property being shown if you had your property listed with us. If you have any questions about market statistics or how this affects your or your property please feel free to give me a call or shoot me an email. I’ll be happy to answer those questions for you. Have a great day. I’ll talk to you next week.

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