1/28/14 SOTM – State of the downtown Milwaukee condo market

Gold Coast panorama

Gold Coast panorama

Here’s an update on current status of the downtown Milwaukee condo market, as of the first of the year.

Unit sales are up, by about 10%.

Inventory is still shrinking, and stands about half of what it was in 2011.

The greatest unit sales increase was in the $400,000 and under portion of the market. This accounted for just over 80% of the unit sales.

We are now seeing units that didn’t sell in 2011 and 2012, some of which spent a year out of the market as rentals, now being re-listed. And some of these are getting an offer to purchase within a relatively short time. One unit in particular, at an upscale building in the Gold Coast, first came on – then lingered in – the market in 2010,  was rented for a year, was recently re-listed and then had an A/O (accepted offer) in just 12 days.

Call me to discuss your own options, buying or selling, this new year. I’m always open to your questions.