Home Sale market report. West Madison, Wisconsin

Real Estate Guy is happy to present a very recent market update. This one just for West Madison. Data taken from Broker Metrics.

The curve is a trend line (meaning it has smoothed the curves from the boxes) The line represents the months of stock a home could be on market. It represents a ratio calculation of the number of sales and pending deals with the number of homes sold.

Let's take a look. The number of homes under contract (West Madison) on April 10 was 165 pending, 101 homes sold. The number on the market at that time was 470. That leaves a ratio of 3 pending to available homes.

In September, the figures looked like this. 36 under contract and 510 on the market. The trend line has moved up to indicate 14.2 months of inventory on the market. Quite a dramatic turn around from the heady days of April and the tax credit.

So the trend in time on market is up. That would indicate 2 things to me.

1. Selling now may be a better proposition than in the spring.
2. If you need to sell, you have to become aggressive in pricing and every aspect of the sale. (Staging, hiring a great Realtor who gets results)
3. Buying a home now is a great thing to do. as interest rates are low but may not remain so.