Exceptional Fall real estate market...Is it time to prepare for next year?

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.

October Real Estate Stats

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!

Charlie

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.

Updated First Weber app for iPhone, iPad, iTouch and all Android devices

New First Weber App on iOS and Android

With all of the tools out there to help you see the homes that you want, when you want, you need to check out the updated First Weber app on the app store.  The Android version will be available by the end of December for release.  

I am going to go over the new features and new tools to help you understand the market and get tons of details on any home that is listed on the MLS.

First Weber app allows for the following inside the app:

• Automatic location based search: your location is immediately found when the application is opened and all of the properties around that location are shown.  You can filter the search by different criteria.  Use the + sign to select different criteria, map style or life style points of interest.

 

• At the bottom, the circle is the ability to draw an object to save an area. It will show you the active and sold properties located in the area that was drawn, show you stats and allow you to save it if you want to see it anytime in real time!  All of this can be synced with your My First Weber account that is free on www.firstweber.com

 

•  If you find a property that you like, click on it and find out the details.  You can share the listing, save it as a favorite( syncs with your My First Weber account), request a showing and even call, text or email the listing agent about this property. 
• You can view the details fully by clicking on details.  
• Get directions on your phone to get to the property that you like.
• If you turn the phone or tablet sideways, you will see the photos in landscape view.

 

 

 

• As a  note, if you are working under Buyer Agency with any company, please contact your agent about wanting more information or a showing on any property. 
• The next area that you can click on is the First Weber logo in the bottom right hand corner.  
• There you can start a new map search to search any where in the entire state of Wisconsin!
• Go to your saved map searches 
• View your favorites
• See the homes that you have recently viewed
• Sign into your My First Weber account to sync all of your information
• or Find an agent in the directory

Another reason that First Weber is your source for buying and selling real estate.  We are committed to the latest tools and technology to help you in your real estate goals.

Happy Searching! 

October Statistics for Dane County and South Central Wisconsin

October Statistics for Dane County

I am a huge Marvel Comics fan and enjoy the lessons that can be learned from our super heroes.  Showing Super-Man blasting off of Earth's surface is how I feel about the strength of our local market.  Home sales are up for the fourth month in a row in Dane County.  Sales from October 2010 to 2011 are up 3.3%.  For the entire SCWMLS, October is up 2.1% from 2010 to 2011.  We have a strong local market compared to the national news and markets!

The year started off slower than 2010.  Mainly due to the effects of the first time buyer tax credit in 2010.  The gap is narrowing quickly and expectations from Realtors and economists is that the last two months will be very productive.

The median sale price of homes in Dane County is similar to 2010.  $206,000 (2011) vs. $205,726 (2010).  The median sales price for the SCWMLS (8 counties) is 3.8% lower than 2010.

The number of homes on the SCWMLS are declining year to year and are trending downward.  New listings are also trending downward in Dane County and SCWMLS.

I thought that this next statistic was really cool.  There are 50% of the listings that are for sale from $120,000-$300,000.  50% of the sales are happening between the price ranges of $100,000-$250,000.  This is for single family homes but the same trend is happening for condos as well.

Heading into the fourth quarter of 2011, the interest rates are still at historic rates just under 4%, homes are now more affordable then renting due to rising rents and there is a great inventory in the price range of $120,000 to $300,000 in the MLS.  The end of the year looks like it will continue the four month upward trend of increased sales and prices overall.

Have a great Thanksgiving!  We all have people and things in our lives that we can say thank you for.  Let's tell those around us how special they really are and thankful for who they are in our lives.