June area homes sales up, but prices down

A small uptick in June sales is countered by continued decline in prices. Metro Milwaukee area were up 3.6 percent in June to 1,582 versus 1,527 in June, 2008. Prices of homes though continue to decline - down 11.8 percent this year. The biggest price drop is in Milwaukee County where home prices are down 26.9 percent this year.

Milwaukee County has been a bright spot in the region for the number of home sales. June was the third consecutive month that Milwaukee County had higher homes sales than in 2008. Milwaukee County had 915 homes sold in June, up 10.8 percent compared to 2008, but down 15 percent compared to June of 2007.

Ozaukee County had 100 homes sold in June, up 63.9 percent compared to June of 2008, but still down 28.1 percent compared to June of 2007.

Washington County had 150 homes sold in June, up 12.8 percent compared to June of 2008, but down 10.7 percent compared to June of 2007.

Waukesha County had 417 homes sold in June, down 12.2 percent compared to June of 2008 and down 27.6 compared to June of 2007.

Walworth County posted a small home sale increase in June, while Racine and Kenosha counties saw declines. Home sales in Walworth County were up 0.9 percent, in Kenosha County was down 15.3 percent and in Racine County were down 5.5 percent.

With home inventory at almost 11 months (2.5 times larger than in 2004), sellers have to be extremely competitive in their pricing in order to sell. Only very serious sellers are able to sell (See blog spot of May 7, 2009 for further explanation). Sellers who are wise, use Homeowners Concept's low commission structure to sell so they can be more competitive.