Hot Market in Madison Wisconsin!

By
Real Estate Agent with The Stark Company Realtors, Madison WI 53123-94

 

  • Stark Company Realtors Madison WI SOLDRegent St Sold by Barbara Chatterton Madison WI
  • HOT! HOT! HOT!  In Madison Wisconsin Market
  •                                                                                                                                                                         Despite the cool spring weather we are experienceing in South Central Wisconsin, the market is a hot one this season. Single family home sales are up from last year and those sales were up from the previous year. You want to look at a house in a popular neighborhood, come on-take a look real soon with me-it may not last long.  It is definitely a sellers market if all the factors are in place: your house in good shape and ready for showtime! It is a little scary for sellers but a good Realtor can help you figure out the details of selling fast and buying fast. There are solutions! Each situation is unique, but closing dates and be negotiated. 

Below is most of an article from host.madison.com/The Wisonsin State Journal by

  •                      DEAN MOSIMAN with AMBER ARNOLD, WI State Journal, Apr 9, 201

Pent-up demand and a tight housing supply have attracted multiple offers to homes for sale, which usually don’t last long on the market. 
It’s taken years, but the average single-family home value in Madison has fully rebounded from the Great Recession to a record $254,593.
A healthy local economy drove a 5.5 percent increase in real estate values, including the third straight increase in the value of the average single-family home, which peaked at $247,974 in 2008 and fell to $230,831 in 2013 as the recession echoed through the Madison’s housing market.
The average single-family home value rose 3.5 percent for the second straight year.
“We finally got past the $250,000 mark,” city assessor Mark Hanson said with the release of new property values Friday afternoon. “This is the highest it’s ever been.”
Residential assessments rose 4.5 percent while commercial properties — apartment buildings with four or more units, as well as hotels, stores and offices — jumped 7.2 percent.
The market for single-family homes is white hot.
“We hear all the time there’s just a lot more demand than supply, which is completely opposite from a few years ago,” Hanson said. “We hear about six or seven offers on a home. They’re fighting over them. That’s going to force the issue on new construction.”
“It’s not the least bit surprising,” said David Stark, president of Madison-based Stark Company Realtors. “Our inventory has been very tight for a couple of years. It reflects a housing market that’s healthy again and moving in the right direction.” A healthy market has values growing by about 2 to 4 percent, around the rate of inflation, Stark said.
Dewey Bredeson, president of the Realtors Association of South Central Wisconsin, said: “To see construction up, to see prices up, we are a healthy real estate market.”
The city began mailing new assessments on Thursday. The values will serve as the basis of tax collections, but it’s too early to know what new values mean for individual tax bills, which will become clear in the late fall.
The road to recovery
Although the recession officially lasted from 2007 through 2009, it affected the city’s real estate values for years afterward.
In 2010, the city was staggered by a 3.1 percent drop in real estate values during the previous year, the first decrease in at least 35 years. Values fell 0.3 percent in 2010 and 1.6 percent in 2011. The turnaround began in 2012 with a 0.9 percent increase, followed by 3.5 percent in 2013, 5.5 percent 2014 and 5.5 percent last year.
“A lot of people want to sell homes, but the market is too hot,” Stark said, adding that some would-be sellers are afraid it may take too long to find another place to live.
All told, 83 percent of single-family home parcels increased in value, 14.3 percent saw no change, and 2.7 percent decreased.
Although values dipped 0.8 percent, Spring Harbor still had the most expensive homes valued at $962,000, while the most affordable were in Northgate-Aberg Avenue on the East Side, which increased 1.3 percent to $131,600.
Condos, sluggish for years, rose by 5.1 percent, largely driven by rising prices for existing Downtown units, Hanson said.

Looking to sell or buy this spring? I can help. Contact me and we can chat about getting you where you need to be.

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Greater Madison Wisconsin Real Estate

The Stark Company 

702 N High Point Rd, Suite 100

Madison Wisconsin 53717

Call or text 608.239.2777 

 

 

 

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Barbara Chatterton

Greater Madison Wisconsin Area Realtor
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