While the media may be portraying the housing market in Madison as all doom and gloom, statistics are showing something quite different. While existing home sales in the 2nd and 3rd quarters of 2007 are down from 2006, according to the Wisconsin Realtors Association they are the 3rd highest on record. Median sale price on homes have also increased steadily over the past 10 years as well. According to the National Association of Realtors, the 4th quarter of 2007 is projected to be the largest quarter for the year. With interest rates dropping below 6.375%, they will help the softened market gain momentum. As for the Capital Neighborhoods, statistics are showing the following:
Residential Homes Sales
Active Listings: 31
3 homes with accepted offers
Average Asking Price: $403,800
Average Price per Square Foot: $195
List Price Range: $1,500,000 (high) to $93,900 (low)
1 Pending Sale at $379,900
August 2007 Sales: 7 Sales
Average List Price: $262,271
Average Sold Price: $250,821
Average List Price per Square Foot: $168
Average Price per Square Foot: $176
Sold Price Range: $334,000 (high) to $160,000 (low)
Average days on market: 56
Condominiums:
Active Listings: 273
24 under contract
Average Asking Price: $428,549
Average Price per Square Foot: $292
List Price Range: $2,750,000 (high) to $110,000 (low)
2 Pending Sale at average of $292,400
August 2007 Sales: 24 Sales
Average List Price: $290,416
Average Sold Price: $289,145
Average List Price per Square Foot: $270
Average Price per Square Foot: $268
Sold Price Range: $845,000 (high) to $133,000 (low)
Average days on market: 132
Mindy Allen, Realtor, ABR
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