About Madison's Lake View Hill

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 the Lake View Hills Neighborhood, statistics are showing the following from February of 2008:

Residential Homes Sales

Active Listings: 64

Average Asking Price: $213,810

Average Price per Square Foot: $141

List Price Range: $999,900 (high) to $87,360 (low)

7 homes with accepted offers

February 2008 Sales: 6 Sales

Average List Price: $167,776

Average Sold Price: $162,550

Average List Price per Square Foot: $128

Average Sold Price per Square Foot: $125

Sold Price Range: $175,000 (high) to $138,000 (low)

Average days on market: 120

Condominiums:

Active Listings: 40

Average Asking Price: $172,725

Average Price per Square Foot: $111

List Price Range: $314,900 (high) to $102,900 (low)

February 2008 Sales: 3 Sales

Average List Price: $145,700

Average Sold Price: $141,566

Average List Price per Square Foot: $96

Average Sold Price per Square Foot: $93

Sold Price Range: $174,700 (high) to $120,000 (low)

Average days on market: 120

* All information obtained through the SCWMLS 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 Lake View Hills neighborhood, statistics are showed the following for 2007:

Residential Homes Sales

Active Listings: 58

Average Asking Price: $243,178

Average Price per Square Foot: $143

List Price Range: $999,900 (high) to $111,500 (low)

2007 Sales: 113 Sales

Average List Price: $188,437

Average Sold Price: $183,456

Average List Price per Square Foot: $123

Average Sold Price per Square Foot: $120

Sold Price Range: $310,000 (high) to $87,100 (low)

Average days on market: 74

Condominiums:

Active Listings: 44

Average Asking Price: $182,431

Average Price per Square Foot: $112

List Price Range: $314,000 (high) to $105,000 (low)

2007 Sales: 37 Sales

Average List Price: $159,767

Average Sold Price: $155,624

Average List Price per Square Foot: $107

Average Sold Price per Square Foot: $105

Sold Price Range: $252,500 (high) to $88,000 (low)

Average days on market: 82

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