The best way to measure price trends is to measure the selling price of the same properties over time.
This property at 309 N Owen Drive in Madison's Sunset Village neighborhood just sold for $204,900 on February 25th. In February of 2009, this same property sold for an even $200,000.
How did this home's value increase over the last 2 years at a time when most home values in Dane County decreased? The answer is all about supply and demand.
Sunset Village is located in the W13 MLS location. Month in and month out this location has one of the lowest months of inventory in the county. The inventory level on February 28th was 2.9 months, while the average for all of Dane County was 8.5 months. This is a great example of how all real estate is local.
For more information on how inventory varies by location for both homes and condos, you can visit either the buying or selling real estate pages at www.DaneCountyMarket.com.
Dan Miller, Realtor, Keller Williams Realty and www.DaneCountyMarket.com
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