Real Estate Market Hot in Madison

Market Update for Dane County and First Weber

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.