The month of April was a good one in the Madison real estate market. The 30 year fixed rate mortgage rates remained low ranging between 5.8% and 6.1%, there was plentiful invenory available for Madison area buyers to select from, and many buyers and sellers were able to come together in real estate transactions.
Madison – Single Family Homes
There was a healthy number of single family home sales in Madison through out the month of April. We saw 158 sales representing about 42% of the total available inventory. The average list price was $290,146, while the average sold price was $259,702. The average days on market has come down to 82 for Madison single family homes. (The average days on market in the first quarter of this year was 95.)
Madison – Condominiums
The Madison condo market moved at a bit slower pace in the month of April when compared to the single family properties. We saw 57 condos sell representing about 22% of the total available inventory. The average list price was $232,368, while the average sold price was $197,995. The average days on market has increased to 159 days for Madison condos. (The average days on market in the first quarter of this year was 133 days.)
There has been a great deal of Real Estate talk throughout the country and here in Madison with interest rates falling again to near historical lows. Currently the 30 year fixed rates are averaging between 5.7% and 5.9%. With a high level of inventory currently available there are some great opportunities out there for Madison first time home buyers and individuals wishing to buy second homes or investment properties. Below is a quick recap of the Madison real estate activity we have seen this first quarter of 2008. If you would like to discuss how your property may fit into the current Madison market, give me a call, I’d love to discuss it with you and provide a full market report and complimentary market analysis of your property.
|Madison Property Type||Current Total Listings||Sold Listings 1st Quarter||Average List Price||Average Sold Price||Average Days On Market|
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