The real estate market returning
Increased home sales in Milwaukee County last year, the people are buying a house as a place to live and not as an investment, are forecasting a growth in housing over the next years.
Sales of existing homes in the four-county Milwaukee area rose 4.2% last year, but prices continued to drop – in some cases reaching average lows not seen since 2001.
Economists said Wednesday, however, that unless the economy takes a bad turn, they believe the worst likely is over for the existing-home market, and prices should begin to slowly rise as unemployment decreases and consumer confidence grows.
Still, 2011 was a tough year in residential real estate in the metro area, as foreclosures held prices down – especially in Milwaukee County – and there were many more homes on the market than buyers. Financing also remained difficult for some people interested in buying a home.
“I’ll tell you, nobody is sorry 2011 is gone,” said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors.
Realtors sold 12,888 homes in 2011, compared with 12,367 in 2010, according Metro MLS Inc. data released Wednesday.
The average price of homes sold in Milwaukee County last year was $128,004, down almost 11% from 2010. The last time the average price was lower was in 2001, at $125,591. Sales increased in Milwaukee County by 3.4% last year.
In Waukesha County, the average sale price was $260,179, which is the lowest since an average of $256,244 was recorded eight years… continue reading
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