On the bright side, this week’s JS listed a lot more housing sales than last week’s did, indicating the market is not totally dead.
And while last week’s listings had sales prices averaging 43% less than assessment, this week’s listed sales were below assessments by a mere 35% on average.
OK, so the bright side is still pretty darned dark.
Here are the basic stats for this week’s listings: 43 properties sold (although one is excluded from the analysis because the address did not show up in the assessor’s data base), 18 from foreclosure (the analysis, like last week’s assumes bank ownership = foreclosed property). The average sales price was $39,028 below assessment.
Here is the chart — click on it for a larger image.
While the news is bad, the analysis is helpful. I’ll be checking your site again for more info on the housing market in Milwaukee. Keep it up!
Your chart doesn’t show how much R. E. taxes had to be paid. I’ll bet the purchasers don’t consider the prices as good a deal as you do, Charlie. A week or two ago there was a story about a guy who bought a $225,000 home in Menomonee Falls for $2. He also had to pay $166,000 in back real estate taxes. It’s still a nice discount from the assessed evaluation.