There were 64 sales during July 2009 with an average sold price of $223,635 with a list to sales ratio of 96.04% and an average time on the market of 142 days.
There is 719 properties currently listed with an average list price of $240,371 and have been on the market 186 days.
In July 2009 there 29 fewer added new listings than in July 2008.
There were 54 sales in July 2009 with an average sales price of $287,217, with a list to sales price of 94.40% and an average time on the market of 141 days.
There are currently 525 active listings with an average list price of $375,000 and a average time on the market of 230 days.
The sales results in July 2009 were 3 fewer than in July 2008. However, the number of new listing increased by 22 when compared to the same activity in July 2008.
There were 48 sales in July 2009 with an average sales price of $208,950 with an average list to sales ratio of 96.84% and a average time of the market of 93 days.
There is currently 354 active listings on the market with and average list price of $232,217 and the properties have been on the market an average of 174 days.
July 2009 sales were down compared to july 2008, with 17 fewer sales. However, there was also 33 fewer new listings in July 2009 than in July 2008.
The activity during July in Milwaukee was interesting. There was 433 sales with a average sales price of $126,123 with and average list to sale ratio of 109.10% and a average time on the market of 122 days. This suggest that almost all the sale during this month had either closing costs or some other type of incentive paid. Not sure of the percentage of sales that may be tied to the neighborhood stablization program.
There are curently 4,943 active listings on the market with and average list price of $181,585 with an average time on the market is 194 days on the market.
I july there was 82 fewer sales in July 2009 compared to the sales in July 2008. However, in looking at the sales year todate the milwaukee sales are ahead of last years results. The listings this month reduced 285 compared the the new listings added in the same month in 2008. The new listings in 2009 have decreased each month since the begining of the year, which is very good news, and a step in getting supply and demand in balance in the future.
I have been trying to assist people to stay in their homes for a while now. However, I March 2009 things changed, modifications which I was able to get done in weeks are taking months. The banks have become more difficult and limit what they will do. The new making homes affordable mod program has limitations limits floor interest rate, no principle reductions and increase the amortization period from 30 to 40 years. The program focuses on income to debt ratio's of 31% for mortgages and 55% on all debts.
But the real issue is that the process has been not well orgazinized and the banks not seeming to understand the process. In addition, the investors may not have been approached in the process that may be delaying potential decisions. However, lenders want to focus on these mods because there are incentives that will pay the servicers if deals are approved and the mortgagor makes payments.
But now there was an article written that reinforces what I have seen in the field. Read the New York Times article and get a status of the current foreclosure/modification status!
http://www.nytimes.com/2009/07/05/business/05gret.html?_r=3&scp=6&sq=foreclosure&st=cse&goback=%2Envr_149694_1247179895262_1
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MBA with GRI & Certified Distressed Property Expert with 30+ years of diverse real estate & mortgage servicing experience. Specializes in REO's, Short Sales, Relocation, Buyer & Loss Mitigation Rep.
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