The median sale price per unit for multifamily properties in the metro area has been rising for five straight months, climbing 4.4% during that time. Prior to that, sale prices fell 6.6% over a five-month period ending in May. Compared to last quarter, the average sale price per unit for multifamily properties rose by 3.7% to $19,967. During the past year, though, sale prices have dropped by 5.1%. The highest median price of the past three years was set in December 2009 at $58,059. In comparison, the median sale price is now 65.6% lower. However, the current price is 4.4% higher than the May 2012 figure, which was the three-year low.
The median sale price per square foot for office properties in the metro area has been falling for four straight months, dropping 7.9% during that time. Sale prices rose 9.9% earlier this year during a seven-month streak that ended in January. Sale prices per square foot for office properties dipped to $30.85, a 7.9% decrease compared with the end of the prior quarter. Similarly, over the previous year, sale prices have dropped by 13.2%. The metro area saw its median sale price fall to its three-year low this month. The previous low point was set last month at $32.41.
Median sale price per square foot for retail properties in the metro area is currently in a 15 month downward trend, but the rate of decline has slowed in the last month. At $43.32, sale prices per square foot for retail properties have decreased by 9.5% compared to the end of the prior quarter. Sale prices are also down over the previous 12 months, having declined by 35.5%. The metro area saw its median sale price fall to its three-year low this month. The previous low was $44.18, which was set last month.
Multifamily properties in the Milwaukee Metro Area are staying on the market longer than they did during the same time last year, and the change is greater than that at the state level. They now last 182 days on the market at the metro level, an increase of 10.8% year-over-year. In comparison, these buildings last 148 days at the state level, 13.8% less than last year. From the lowest point, which was set in January 2011, time on market has risen 38.3%.
Compared with a year earlier, office properties in the Milwaukee Metro Area are staying on the market longer, and the gap is greater at the metro level than at the state level. They now last 281 days on the market at the metro level, an increase of 12.5% year-over-year. Meanwhile, they stay on the market 253 days at the state level, down 15.6%. Compared with January 2010, when the time on market was at its lowest, these properties are now on the market 41.3% longer. The time that office properties stay on the market has risen 12.1% over the past three months.
Retail properties in the Milwaukee Metro Area are turning over more quickly compared to last year, as the time on market dropped 34.4% to 167 days. During the same time period, the time on market for these properties at the state level has fallen even more as a percentage, by 35%, to 160. From October 2011, when the time on market was at its highest, it has fallen 37.3%.
Asking rates for office properties have fallen 1.8% to $14.28 per square foot over the past quarter. However, over the past year asking lease rate have risen 0.3%. Lease rates for office properties hit a three-year peak in March 2009 at $14.72 per square foot. In comparison, the current median asking price is down by 2.1%. On the other hand, the lowest asking lease rate in the past three years was seen in February 2011 at $13.96.
Asking lease rates for retail properties have gone up versus past quarter, rising 0.1% to $14.44 per square foot. But for the year asking rates have dropped 3.1%. Lease rates for retail properties reached a three-year high in July 2008 at $16.59 per square foot. The current median asking lease rate is 1.6% lower. On the other hand, the lowest asking lease rate in the past three years was seen in December 2005 at $14.21.
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