Milwaukee Area Home Sales Up, Waukesha Behind Other Counties

WAUKESHA, WI —The number of homes being sold is up across the Milwaukee area, though Waukesha County still lags behind other local counties in those statistics, according to data released Tuesday by the Greater Milwaukee Association of Realtors (GMAR).

According to a GMAR release, the 10,253 units sold during the first six months of 2021 were the most ever, and the 2,494 units sold in June were the most in five years.

GMAR reported that Milwaukee-area home sales in June were up an average of 29.4 percent over June 2020. The region included in the statistics encompasses Milwaukee, Waukesha, Washington and Ozaukee counties.

Milwaukee County led the way with a 33.1-percent increase in home sales over the previous June, and was followed by Ozaukee County (31.7 percent), Washington County (24.7 percent) and Waukesha County (23.9 percent).

Second-quarter sales for the four-county region were up 15.3 percent over Q2 2020, with Milwaukee County seeing the biggest increase at 22.7 percent. Ozaukee County experienced a 13.3 percent increase, Washington County was up 9.5 percent and Waukesha County was up 3.6 percent.

House listings were up 37.4 percent in June 2021 over June 2020, and 11.3 percent in Q2 2021 over Q2 2020.

Though more houses are being put on the market, Mike Ruzicka, president of GMAR, said there is still a question about whether the supply will meet the demand from new home seekers.

"Given that we're experiencing an exceptional sales market, one would question whether there is a problem with the supply of inventory and new listings," Ruzicka said. "(Despite an increase in new listings) we do need a lot more houses and condos to satisfy the market."

Ruzicka added: "The systemic problem with the market is the lack of new construction of single-family houses and condominiums. That bottleneck combined with the demographic surge of Millennial and Gen Z buyers, historically low interest rates and a growing economy, have all contributed to an historically tight market."