Search all Lakefront homes in Madison Wi. Madison Wisconsin
For several years, Madison, lakefront homes and shoreline property sales have languished. The main reason being that prices were driven up, probably more than the average home off the water.
Yes, at the peak in 2005-2006, lakefront home prices in Madison were at an all time high and as close to a bubble situation as one could find in Madison housing.
As home prices rose, they fell. No one was willing to pay the inflated prices that they used to be willing to pay. Lakefront homes were seen as unaffordable luxuries, or just a poor investment.
So today, in speaking to a lakefront home owner who was wondering if the market has turned around yet, I promised i would pick out the latest home sales statistics. I thought i would share. Here is what i found.
Search Criteria! Lakefront home, Madison lakes, (lake Monona and Lake Mendota). Price $350,000-$1,000,000. Between January 1 and June 30th, 2012.
As a high level analysis of the market there were 12 homes sold in the 6 months Jan-June. that is 2 per month.
(3 homes have offers and 1 is awaiting a close.) we do not count them in the calculation.
so if 2 homes sell/month and there are 33 homes on the market, it would take 16.5 months to eat away the inventory if no more came on the market.
Our normal scale of 1-6 being sellers market, 6-12 being buyers market. 16.5 is way beyond a buyers market.
Conclusion on Lakefront home sales in Madison Wi.
We still have a way to go to recovery.
- If you do not need to sell, hold on. If you can Refinance, rates are historically low, we can point you in the right direction.
- If you need to sell, then you just have to bite the bullet. Call us.
- If you are underwater and need to sell, then you certainly need to call us. We are possible the most experienced practitioners and working with the bank to forgive excess mortgage debt.
- And if you are looking to buy a lakefront home, and you can now, do it now!! Rates will go up, and prices certainly will. We can help!!!
- Search all Lakefront homes in Madison Wi.
RealEstateGuy has been a full time, full service Realtor since 1993. He is dedicated to helping people achieve their Real Estate Goals and dreams. In order to provide more specialized service, he created a team of hand picked specialists. Guy believes in constantly learning more, so regularly attends national seminars and trainings. Guy has been a top producer, leader in his office, a president of the Wisconsin chapter of CRS, and has spoken at the State Realtor Conventions.
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