Home Sales Rebounding in North Shore as Buyers Abound
Local agent says there aren't enough homes to satisfy prospective homeowners who are taking advantage of very low rates.
North Shore home sales continued their upward 2012 trend in November, and are on pace to finish about 30 percent ahead of 2011, according to figures from the Milwaukee Multiple Listing Service.
Fifty-seven homes were sold in the communities of Whitefish Bay, Shorewood, Fox Point, Bayside and Brown Deer in November, three more than the same month in 2011.
For the year there have been 868 sales, a 29.7 percent growth over 2011. That’s in line with the entire four-county metro area, which is up 27.3 percent.
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Shar Borg, an agent with First Weber’s Glendale office, said interest in buying into the North Shore is huge right now.
“What the numbers can’t see is how many buyers are sitting out there waiting for homes to come onto the market,” she said.
Conversely, there is not enough inventory to serve these buyers, she said. That, along with historically low interest rates, means there are bidding wars at times for homes.
“As long as interest rates are low … we’re going to see those buyers come out and invest in real estate,” Borg said.
Median prices down
Despite that supply-and-demand dynamic, statistical price trends continue to favor buyers over sellers. North Shore communities have seen a 5.1 percent drop in the median hope price from 2011, to $204,500. Over two years, the drop has been 11 percent, from $230,000.