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North Shore homes 'last in, first out' of recession

Oct. 16, 2013

Continuing an early rebound out of the so called "Great Recession," home sales across the North Shore were strong, according to a third-quarter 2013 report from the Greater Milwaukee Association of Realtors.

On average, every community in the North Shore NOW coverage area saw a decrease in the number of days homes stayed on the market, most saw an increase in average sale price, and all but one saw an increase in the number of homes sold.

Compared to 2012, Shorewood lead Milwaukee County in percentage change when it came to average days on the market, experiencing a roughly 43 percent decrease, going from 132 days to 75. Average sale prices in River Hills increased the most in the county, about 23 percent, or $155,535. Most North Shore communities beat out Milwaukee and Ozaukee county averages.

According to GMAR President Mike Ruzicka, while 2012 represented the low-point for many area communities, the North Shore was already on the path to recovery in early-2012.

"It's one of the last areas into the recessions, and really in the metropolitan recession, the first out," Ruzicka said. "A lot of it is really the quality of life."

In many cases buyers "gobbled up" good deals on higher priced homes in the $1,000,000 and higher market, said Ruzicka, after which the rest of the market began to stabilize. He said that many of the communities are at or nearing single-digit growth in sales price, which reflects "normal price appreciation" instead of unstable market swings.

"The North Shore really is pretty solid right now," Ruzicka said. "The fundamentals are really good."

INTERACTIVE: Compare North Shore communities with each other as well as Milwaukee and Ozaukee counties with this interactive graphic. Use the check list on the right to add or subtract historical data and use the slider to adjust the time period.

 

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