Saturday, May 19, 2012 / by Justin Hoffmann
An overwhelming majority of home sales in April in the Greater Milwaukee marketplace sold for less than $200,000.
52.9% of homes in Milwaukee County sold for less than $100,000, the highest proportion of any of the counties in the metropolitan area. This price point mainly consists of investors buying up homes and converting them into rental properties in the hardest hit neighborhoods.
The largest price category of home sales in Waukesha County was between $100,000 and $299,999, where 68.1% sales occurred. Click here for details.
Almost one-third (32%) of residential listings took more than 120-days to sell, while over half of condo listings (51.9%) took more than 4-months. A majority of those residential units are in neighborhoods beset by foreclosures. Click here for details.
Financing of housing in April was dominated by conventional 30-year, fixed rate mortgages, representing 43.5% of the residential and 48.1% of the condo market. Buyers purchasing with cash were up 29.7% and 34.9% of the residential and condo markets, respectively. Click here for details.
Time on the market shows that just about half, 48.9%, of residential listings sold within 60-days. This reinforces reports from brokers that there are low levels of inventory in the market.