About Madison's Hiestand

Wisconsin Home Sales Dip in 2007 But Prices Stable
State's housing news much better than nation

Madison - Wisconsin housing sales decreased but prices increased in 2007, leaving Wisconsin's real estate market in much better shape than many parts of the Midwest and the nation, according to the year-end analysis of existing home sales conducted by the Wisconsin REALTORS® Association (WRA).

Wisconsin home sales declined in 2007 by 10.8 percent relative to 2006, but median prices actually rose 0.2 percent over the period to $164,000, according to the REALTORS®' report. Here in Dane County, the median price actually rose 2.9% to an average of $218,000.

"It's a mistake to look at Wisconsin's housing market through the lens of national indicators," said WRA President William Malkasian. "Housing in our state and throughout much of the Midwest is much less volatile than many markets in other parts of the country, especially the Western United States," said Malkasian. "While 2007 was a rough year for housing sales compared to our recent boom years, Wisconsin's housing future looks like it will be brighter, faster."

As for your Hiestand neighborhood, statistics are showing the following for February of 2008:

Residential Homes Sales

Active Listings: 7

Average Asking Price: $180,676

Average Price Per Square Foot: $112

February 2008 Sales: 1 Sale

List Price: $184,900

List Price Per Square Foot: $103

Sold Price: $180,750

Sold Price Per Square Foot: $101

Days on Market: 53

Condominiums

Active Listings: 13

Average Asking Price: $147,756

Average Price Per Square Foot: $1271

February 2008 Sales: 0 Sales

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

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 Hiestand neighborhood, statistics are showing an increase in single family home sales from 2006 to 2007. In addition, the average list and sold price have remained steady, as well as the average days on market. Condos show an increase in both sales and sold price 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: $190,38

Average Price Per Square Foot: $107

2007 Sales: 16 Sales

Average List Price: $191,059

Average List Price Per Square Foot: $123

Average Sold Price: $185,940

Average Sold Price Per Square Foot: $123

Average Days on Market: 34

2006 Sales: 4 Sales

Average List Price: $191,400

Average List Price Per Square Foot: $137

Average Sold Price: $187,785

Average Sold Price Per Square Foot: $134

Average Days on Market: 26

Condominiums

Active Listings: 4

Average Asking Price: $192,475

Average Price Per Square Foot: $127

2007 Sales: 9 Sales

Average List Price: $136,177

Average List Price Per Square Foot: $115

Average Sold Price: $136,622

Average Sold Price Per Square Foot: $115

Average Days on Market: 106

2006 Sales: 3 Sales

Average List Price: $176,900

Average List Price Per Square Foot: $142

Average Sold Price: $174,466

Average Sold Price Per Square Foot: $140

Average Days on Market: 9

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