Madison, WI is a very dynamic real estate market. Each area of the city and suburbs have their unique market and information. Local news, real estate topics, financing and more.
With real estate sales up 30% above the same time last year, the market has improved almost every month this year over last year. The most notable markets are the $100,000 to $350,000 single family homes and condos under $150,000, with single family homes the absorption rates are ranging from 6 months to 8 months. Condos are 8-10 months for the range above.
With the market improving and shortages in some price ranges and neighborhoods, now is the time to prepare our home for the Spring market. From decluttering to re-organizing and staging, your Realtor is equipped to help you with the entire process.
Enjoy the holidays and be safe! Happy house hunting!
The past few years in almost every market in the United States has been anything from slow to depressing for all real estate sales. With the market improving and the local area seeing a lot of job growth, higher rents and an unprecedented start to the first 5 months of real estate sales, the market is starting to gain momentum.
Here are statistics( stats from SCWMLS service) that show the true picture of the market.
South Central Five months Year to Date:
Units closed are up 17.5% over last year for single family and condo.
Average sale price is almost even at $168,207 this year vs. $169,386 last year.
List to sale ratio is 94.66% up from 93.84% last year in the same period.
First Weber South Central Five months Year to Date:
We are up 25% in closings.
Our average sale price is up by 1%.
Our market share has gone up from 16.64% to 18.03%
Dane County Five months Year to Date:
Sales are up 16.6%.
Average sale price is down 3.6%.
List to sale ratio is 96.07% up from 95.71%
First Weber Dane County Five months Year to Date:
We are up 24% in closings.
Our market share has jumped from 18.82% to nearly 20%.
We have experienced month over month sales increases for 11 months in a row in Wisconsin. Sellers are more realistic and better at getting their homes priced right and having their homes decluttered and staged.
Buyers have more confidence and are acting with less resistance than we have observed in the last few years. This is evidenced by the fact that they are looking less and buying more and that the offers are much more likely to stay together once accepted.
With interest rates where they currently sit, 3.875% for a 30 year mortgage, it is one of the best opportunities for buyers to buyer and sellers to sell their home.
Spring is HERE! The weather has completely changed when 30 days ago we had a large winter storm and now it is consistently 60-70 degrees outside. Our allergies are early, flowers are blooming and trees are sprouting with new life. I have even witnessed several diligent home owners cutting their lawns!!!
With this new season coming sooner than expected, the activity in real estate in Dane County has bloomed as well, especially in Madison and surrounding areas. Sales are up over 15% while median prices remain slightly below January and February sales were in 2011. Inventories all over the county for Single Family homes are down over 8% from last year. With the increased demand starting earlier than normal, inventories decreasing and rates around 4%, this is turning out to be a hot start to Spring in 2012!
I don't want to have any misconceptions to the last paragraph. Please don't believe it is turning into a sellers market, as we are a long way from this point. Currently most price ranges are sitting with 11-30 months of absorption. This means that if we added no more listings to the pool of homes available, at the current pace homes are selling, it would take 11-30 months to sell all of the homes. The range of 11-30 months is coming from a price range of $100,000 to $1,000,000+ single family homes and condos. A "normal" real estate market is 8-10 months of inventory. This is close in only one price range: $100,000-$149,900 homes and condos.
It is still a buyer's market as a whole, but some pockets in the Madison Metro have felt like a seller's market with multiple offers, higher than asking price bids and quick sales! Make sure you talk with a professional Realtor about the market in your area, so you can get a clear picture of the market, and how your home fits in that market. We all want the most money out of our homes when we sell it, the best way to understand it is to educate yourself on the market around you and lean on a professional to help you through the pool of information and endless possibilities.
With so many options to choose from in the real estate world. You want to know that the information you are looking at is up to date and accurate, plus like most of us want to know that you can view the sold information.
This is all possible with a free My First Weber account on www.firstweber.com!
Once you have signed up you can set up your own search areas, see sold properties for the past 6 months. Beyond the basics, when homes in your searches are going to have an open house or have a price adjustment, you get an automatic email.
The local knowledge and local attention to the market is what makes First Weber Group and their applications the best in the business. Zillow and Trulia have their place but true local knowledge should come from a trusted local source.
If you have an Android or iPhone/iPad, then you can take advantage of the amazing First Weber App. Just download the free app, login with your My First Weber account information and shazzam...you are now synced with your online account.
One advantage of the apps is that you can draw your own search areas and get instant data on the market, active and sold!
There are a lot of features in your free My First Weber account. To register for your My First Weber account, click Here. Check out this blog for more information: First Weber Blog
It is extremely fun to list homes and condos. Especially historic properties like the Loraine Condo.
The condo has almost 1300 sq. feet of living space, open and spacious floor plan has maple hardwood floors & cabinets throughout. Large kitchen with granite counter tops, breakfast bar & ample counter space for food preparation. Open concept living w/ dining, living & kitchen open to each other is made for entertaining. Fireplace in the living room. Master suite has 3 closets with one of them a walk-in. Dual vanity sink, linen storage, shower & soaking tub. Workout facility, common areas and open air terrace to share and use anytime.
The Loraine was originally conceived in 1922 by Milwaukee hotelier Walter Schroeder as a 250 room hotel. Architect Herbert Tullgren designed the Tudor Revival structure and construction was completed by June, 1924. Hotel Loraine (named after a niece of Mr. Schroeder who died during the course of construction) was so popular that a 100 room addition was completed one year later in 1925.
Hotel Loraine was the largest and arguably the most prestigious hotel in Madison. At an initial cost of $1,100,000, Hotel Loraine was the most expensive commercial building in Madison. Its prominent location on the site of Henry Proudfit's home provided a seamless link between the affairs of Wisconsin's government at the State Capitol and the academia at the University of Wisconsin.
Hotel Loraine was renowned for its grand lobby, exquisite dining, and the fabulous Crystal Ballroom; site of many debutante balls, wedding receptions, and Madison's largest social functions.
Hotel Loraine hosted numerous notables during its history including Ethel Barrymore, Gloria Swanson, Mae West, Harry Truman, and John F. Kennedy.
The Schroeder family operated Hotel Loraine until 1968 when the structure was converted into office space for the State of Wisconsin.
The Department of Justice most recently occupied The Loraine Building until its new building was completed in October 2001.
The new millennium has brought new life to The Loraine. The City of Madison designated the building a national landmark due to its history, location and architectural significance. Furthermore, this gem of a building has been carefully restored and masterfully renovated back to residential use as luxury condominiums.
Office/Den or Ample space for a guest suite
Office/Den or Ample space for a guest suite
Full Bathroom with Shower Stall
Maple Hardwood, Tray Ceiling and Fireplace
Stackable Laundry
Granite and Stainless Steel Appliances
Master Suite leading to Closets( 3) and Master Bathroom
Shared Outside Patio
Common Area Terrace-Open Air with Grilling Station
Looking at KCM Blog today, it tosses out the topic that many buyers don't believe is something that affects them....Not being able to get a loan!
This doesn't state that money isn't available, it states the pitfalls and items that can affect them in this lending environment.
There can be a lot of issues if you don't prepare for getting a loan and buying a home. This is why it is so important to meet with a local Realtor and get their advice on what to do to prepare for getting a loan for purchasing a home.
