WI: Milwaukee Real Estate Market Slowed in February

The Metropolitan Milwaukee real estate market slowed down in February, with sales falling 5.7% compared to a year ago, after starting the New Year on a strong note in January when sales increased 17.9%, according to housing statistics released today by Metro MLS, Inc.

Brokers are not overly concerned about the decrease in sales in February, because sales in winter months often fluctuate from year-to-year. Sales in February are the result of purchase contracts that were signed in December or January, and actually closed in February. Therefore, the fall off of 40 sales from February of 2010 could be due to a number of factors, including the timing of closings.

Overall, the market is up 4.8% for the year. Individual counties varied widely last month. Milwaukee County was down 8.3%, while Waukesha County was up 2.4%. Washington County had a strong month coming in 27.5% ahead of 2010. Racine County was down 16.7% and Ozaukee County was down 34%. Again, February can be a volatile month because fewer sales occur in the winter months.

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