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

1 March 2012 Milwaukee Real Estate Market Update

Hey, Troy Chowanec here RE/MAX Realty 100, Coming to you today from Grobschmidt Park Part of the Milwaukee County Park System in Franklin Wisconsin. Today is March 1st 2012. So here’s you’re weekly market update.

Starting with a report I read on CNBC.com with respect to the inventory of homes for sale nationally. Currently we are at 2.31 million units available on a national basis but that’s the lowest levels we’ve seen since March 2005. 35% of all sales nationally are distressed sales. That means Short Sales, Foreclosures or some other form of distress. I would anticipate as we go into the spring and summer market that will represent a larger number of the sales because banks are going to start releasing those properties that have been held back because of the robo-signing-scandal into the market place.

On a local level we currently have 3530 Active single family home listings in Milwaukee County. They have been on the market an average of 190 Days, and the average asking price is $167,114. Contrast that with the Pending home sales, there’s 415 of those. The average asking price of those properties is $117,500 and they have been on the market only 138 days. So that means that the properties that are selling are priced $50,000 less than the average asking (price of the active listings) and they have been on the market 52 fewer days.

I have some preliminary data for February home sales. There were 283 single family homes that sold in February through the MLS (Multiple Listing Service) in Milwaukee County. The average asking price is $118,883 and the average sold price was $112,192. That means that homes that actually Sold in February were getting 6% less than the average asking price. I don’t know how that is going to change except for we need to have a continued tightening of inventory and a better supply of higher priced homes that people are finding of value.

Currently, RE/MAX Realty 100 is representing 862 sellers, that’s 25 more than last week and we had 722 showing requests. That compared to last year means we had 168 fewer listings this year over last year, yet we had 201 more showing requests over last year. So chances are you had a showing last week or the week before. If you haven’t then we need to see what’s going on with respect to price and marketing. If you have any questions feel free to give me a call or shoot me an email. I’d love to hear from you. Until next week we’ll see ya then.

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