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.
- Whitefish Bay family's treehouse is a work of art
- Whitefish Bay woman takes home grand prize at the Hottest Kitchen Entrepreneur Challenge
- Animator of 'Yellow Submarine' and other influential shows will appear in Whitefish Bay
- Whitefish Bay sleep consultant is a dream come true for North Shore parents
- After extensive cancer treatment, Whitefish Bay mom finds new purpose in ice pops
- Whitefish Bay entrepreneur wants to revolutionize school fundraisers
- Whitefish Bay's 28 minutes of fame is 'Around the Corner'
- Whitefish Bay's first ice cream social of the season is June 15
- Whitefish Bay Community Band sets summer schedule
- Memorial Day ceremony planned in Whitefish Bay