One of the most common things to get asked when meeting people is the above question. - Go figure, I am in Residential Real estate,( ie selling people's homes) and people want to figure out what is happening with their market.
So I plan to provide some regular stats on my blog, however, I wanted to start with some historical perspective. (month to month Stats are really not too useful). The area covered is South Central Wisconsin that covers basically, Columbia, Jefferson Dane counties and SW to the Mississippi River.
Home Sales Summary, South Central Wisconsin Thru August 2012
|
|
# of home sales
|
|
Median Price $k
|
|
|
|
Aug
|
YTD
|
Aug
|
YTD
|
|
2007
|
1544
|
14364
|
180
|
179.5
|
|
2008
|
1134
|
10997
|
175
|
174.4
|
|
2009
|
1166
|
11262
|
172.9
|
164.9
|
|
2010
|
800
|
10320
|
169.9
|
162.0
|
|
2011
|
1054
|
10231
|
161.2
|
156.0
|
|
2012
|
1307
|
8941*/ 12,400**
|
163.9
|
158.0
|
Source NAR, WRA stats
and SCWMLS * Thru
August only. ** extrapolate to Dec
What do we notice? Home Sales!
August home sales were healthy although not back to 2007 levels, still well above the other past years. I did not include all the other years but sales were higher, pretty much every month of the year. Looking at the YTD figures. A very quick extrapolation of the last 4 months at simply last year's rates and you have a sales number of 12,400. That is a number that suggests recovery.
Price Trends!
It looks like price has not responded to the increased activity. Prices are really just off the bottom. If there were one simple reason, (which there is not) I would say we are still clearing out the backlog of short sales and foreclosures. They are depressing the prices.
However with reduced inventory, We are already seeing higher incidence of multiple offers. 2013 could well see some price inflation.
This demonstrates that there are still some great homes priced very well. For all home buyers who have been on the fence, now is the time to get moving. Low rates, low prices. If you are in the market for a home, do not hesitate to contact RealEstateGuy to buy a home, or start on a home search at the link below.
Search all Madison area homes for sale, free and updated
RealEstateGuy has been a full time, full service Realtor since 1993. He is dedicated to helping people achieve their Real Estate Goals and dreams. In order to provide more specialized service, he created a team of hand picked specialists. Guy believes in constantly learning more, so regularly attends national seminars and trainings. Guy has been a top producer, leader in his office, a president of the Wisconsin chapter of CRS, and has spoken at the State Realtor Conventions.
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