About Madison's Carpenter Ridgeway

Existing-Home Sales Expected in Early 2008, then Gradual Rise

Over the next few months, existing-home sales are expected to hold fairly steady as indicated by pending sales activity, then rise later in the year and continue to improve in 2009, according to the latest forecast by the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said there is a pull and tug exerting itself on the market. "On the one hand, we have a pent-up demand from the four million jobs added to our economy over the past two years of sales decline," he said. "On the other, consumers continue to wait for additional signs of market stabilization. There are more people with financial capacity now than in 2005, but many are trying to market-time their purchase."

NAR also encourages the Fed to make a single lump-sum cut in the Fed funds rate to 3.5 percent at the January Federal Open Market Committee meeting, rather than a series of modest cuts throughout the year. "Consumers are also looking to market-time interest rates, and the expectations of further rate cuts are pushing some home buyers to delay. Monetary policy will be much more effective with a one-time large cut, rather than a series of small cuts," Yun added.

As for your Carpenter Ridgeway neighborhood, statistics are showing an decrease in single family home sales from 2006 to 2007. In addition, the average list and sold price have increased while the days on market have decreased from 2006 to 2007. The actual numbers show the following for 2007 as compared with 2006:

Residential Homes Sales

Active Listings: 7

Average Asking Price: $180,257

Average Price Per Square Foot: $131

2007 Sales: 5 Sales

Average List Price: $195,500

Average List Price Per Square Foot: $126

Average Sold Price: $191,960

Average Sold Price Per Square Foot: $124

Average Days on Market: 44

2006 Sales: 13 Sales

Average List Price: $146,784

Average List Price Per Square Foot: $123

Average Sold Price: $145,763

Average Sold Price Per Square Foot: $121

Average Days on Market: 76

* Information obtained through the SCWMLS provided courtesy of Mindy Allen, Keller Williams Realty.