The strong market of the last few months has pulled sales in 2011 nearly even with the 2010 level.
Madison, WI (PRWEB) December 28, 2011
Home.org's latest market report provides analysis on the health of the Madison real estate market based on the most current statistics and insight from local professionals. The report is the latest installment of an in-depth series that puts focus on local markets around the U.S., giving buyers and sellers a better understanding of what is happening in their local area rather than relying on national statistics.
Like the rest of Wisconsin, in November there was an increase in Madison home sales compared to the same time last year. The increase was fairly significant in Dane county, where home sales went from 244 in 2010 to 319 in 2011.
While there was a slight increase in the average sales price, the median sales price in Dane county fell by more than $3500 compared to November 2010 sales statistics. However, this is an improvement over the decline seen in October. Rob Keefe, the Chairman of the Wisconsin Realtors® Association (WRA) Board of Directors, is optimistic for the state as a whole stating, "We are definitely closing out the year on a strong note. The strong market of the last few months has pulled sales in 2011 nearly even with the 2010 level."
This is despite the federal tax breaks that helped bump up sales last year. The WRA has reported that Wisconsin home sales were up in 4 of 6 regions, with the South Central region of Wisconsin where Madison is located seeing a 25.2% increase in homes sales compared to last year. This makes it the second strongest region in the state. The increased sells are contributed to the fact that homes are very affordable in Wisconsin right now and interest rates are even lower than they were last year. Affordability indexes give Wisconsin a rate of 242 which is much better than the national index which is just below 200.
Madison Real Estate Market Latest Information and Statistics
Zip Codes in the City: 53701-53708, 53711, 53713-53719, 53725, 53726, 53744, 53774, 53777-53779, 53782-53786, 53788-53794
Population (City): 233,209
Population (Metro): 561,505
Total Households(2005-2009): 96,667
Median Home Value (2005-2009): $215,900
November Median Sale Price in Dane County: $209,900
November Average Sale Price in Dane County: $246,983
November Homes Sales in Dane County: 319 homes sold
Foreclosures (Dane County): 1 in 760
Renters vs. Owners: 48.6% vs 51.4%
Type of Home:
55% Single Family
Popular Neighborhoods Seeing Improvements:
- Burr Oaks
- Eastmorland Community
- Emerson East
- Glacier Ridge
- Hawk's Landing
- Heritage Heights Community
- Hill Farms, University Neighborhood
- Lake Edge
- McClellan Park
- Nakoma League
- Reston Heights
- Rolling Meadows
- Sherman Village
- Spring Harbor
- Westhaven Trails
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