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!
For a good read and full statistics please read: http://scwmls.com/public/stats/stat_search/monthly_composites/2012/monthly_stats_february_2012.pdf
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.
Have a great Spring!
