Thinking of selling your luxury home in the Milwaukee Metro area? There has been no better time in Wisconsin history to sell a luxury home than now. However, some things have changed. This is the second time that I have written this article with the first being time in 2018, and the contrast is dramatic.
In 2018, homes in Milwaukee County were selling at $200 per square foot and at an average of 225 days on market. It was a good Milwaukee market, however, it was nothing like today’s market where Wisconsin is getting historical highs in every aspect of luxury.
In Wisconsin’s history there have been 58 residential sales over $5 million. Of those sales, half of them have been in the last two years. So, if you are thinking of selling your luxury home, it is a fabulous time. And if you are thinking about buying, be prepared for steep prices for move-in ready condition homes.
The Luxury Market in Wisconsin is robust! To get top dollar, Sellers need to be fully prepared to win against other properties for sale in this category and need a good understanding of the market BEFORE they list their homes. That is where your trusted real estate advisor comes in. Here’s my first piece of advice: Tour every home you are competing with BEFORE you list that luxury home. This will help provide you with a frame of reference on what is expected as far as condition goes.
The first thing to keep in mind…the Buyer is shopping in EVERY county. Very rarely in luxury is the buyer choosing community over condition any longer, especially transferring couples. CONDITION is now trumping LOCATION, unless a home is on the water. A home must be in move-in ready condition to attract Buyers willing to pay your price. As I’m writing this (October 2021), here is where we are in luxury in the Milwaukee Metro’s three counties:
(For this article’s purpose, I calculated the Luxury market at homes selling or listed at $1,000,00 and higher)
Milwaukee County
There are 26 single-family residences $1,000,000 and above currently on the market and three accepted offers. The average days on market for these homes in the first half of 2021 was 120 days. By contrast, the current active listings are at only 44 days to sold. This is likely due to low inventory.
The average price-per-square foot is hovering around $300 for Milwaukee County, however, Buyers should expect prices to be much higher in Whitefish Bay and Shorewood. For move-in ready condition, Buyers will pay the highest premium we have historically seen due to the time repairs and remodels are taking due to supply chain issues. Some properties will see as high as $412 a square foot, but the property has to be in perfect condition and have water access or views.
Ozaukee County
There are 11 single-family listings $1,000,000 and above currently available for sale and four accepted offers. This is the lowest inventory of million-dollar plus properties in Ozaukee ever recorded in my 20-year tenure as a broker. The average days on market are decreasing, at only 42 days compared to an average of 233 days in 2018!
The price-per-square-foot is hovering right around $256/square foot. There have been 40 single-family residences sold since January 1, 2021, and the average days on market was 84 days to sale in the first half of 2021.
Waukesha County
There are 77 active listings $1,000,000 and above and 25 accepted offers. The average days on market are 91 days compared to 229 in 2018. The very high end of Lake Country homes are seeing over $400/square foot, the highest in the metro Milwaukee area.
The price-per-square-foot varies depending on location in Lake Country. Homes with water access are selling at all-time highs and these home sellers should expect bidding wars for anything in move-in ready condition, even with a price tag of $3 million and higher. Even in sought-after Lake Country, the 90s-built home is looking old. Sellers with these homes will need to update their finishes and replace carpeting or refinish floors.
So, if you’re planning to list your luxury home, it’s a great market. However, putting time into preparing it properly will help you get the maximum value for your sale.
Top 20 Tips for Selling a Luxury Milwaukee-Area Home
I will continue to blog and educate Milwaukee on the most under-reported segment of our market: the hot Luxury Market. For any inquiries on your luxury home, please feel free to reach out to me with any questions at 414-870-7175.
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