About Madison's Hawk's Landing

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 Hawk's Landing neighborhood, statistics are showing a decrease in total home sales from 2006 to 2007, however the average list and sold price have increased by 12%. The total days on market have also decreased from 2006 to 2007. The actual numbers show the following for 2007 as compared with 2006:

Residential Homes Sales

Active Listings: 14

Average Asking Price: $663,442

Average Price per Square Foot: $145

List Price Range: $874,900 (high) to $459,900 (low)

2007 Sales: 15 Sales

Average List Price: $676,755

Average Sold Price: $650,148

Average List Price per Square Foot: $156

Average Price per Square Foot: $151

Average days on market: 91

2006 Sales: 21 Sales

Average List Price: $590,472

Average Sold Price: $577,199

Average List Price per Square Foot: $144

Average Price per Square Foot: $141

Average days on market: 120

* All information obtained courtesy of Mindy Allen, Keller Williams Realty through the SCWMLS.