Declining House Prices In Milwaukee
Paul Gores’ article at JSOnline on metro Milwaukee house prices is packed with useful information from Metro MLS Inc., an information clearinghouse for area realtors. Unfortunately, that abundance of housing stats might overshadow some seriously negative numbers for home sales in the City of Milwaukee. From Paul’s article:
The association pinned a 31% fall-off in the average sale price in Milwaukee County – to $116,928 from $169,582 – largely on deals in the city of Milwaukee, where the average sale price plunged to $84,423 from $136,757. In 2005, the average sale price in Milwaukee County was $164,408.
As genuinely encouraging as it might be to have the average house price in the greater metro area only drop 9% year over year, I think having the city’s average home price plummet nearly 50% in two years would merit more than a passing reference. Milwaukee County and, in turn, the city itself, account for 60% of all metro area home sales. That’s a serious decline and it spells significant trouble for the city’s already dire revenue projections for 2010 and beyond.