The Wisconsin Realtors Association submitted a press release today detailing some positive news about the 3rd quarter real estate market in Wisconsin. In comparison to many parts of the country, Wisconsin’s real estate market is still going strong. Although there is no question that the number of home sales per quarter has decreased when compared to the last few years, the actual median price of homes has still continued to rise. It actually rose by 2.4% compared to that of the median price in the 3rd quarter of 2006. When comparing home sales to the third quarter of last year, the numbers are not as attractive with the total number of house sales dropping by 9.8% in the state of Wisconsin. This is far better however than the national decline which had a significant drop of 13.7% for the same time period.
With interest rates remaining very favorable at 6.38% for a 30-year fixed and Wisconsin real estate still proving to be a positive investment, there is no reason to hesitate when considering home ownership in the Madison and Middleton areas. If you would like more information about this Wisconsin Realtors Association press release or to discuss the very stable Madison and Middleton real estate market, please give me a call.
The Madison real estate market has been going through a number of changes as it begins to re-stabilize itself into a more normal market. Middleton and Madison home buyers have more inventories to select from and a bit more time to consider their decisions. This is really great for Madison area buyers, despite the headlines that continue to haunt of a real estate crash. This is not the only the change that we are seeing in Madison real estate though. A new series of projects has recently begun in an attempt to transform some of Madison’s homes into more energy efficient living spaces. Some of our local builders are going green and providing Green Built Home Makeovers that will make homes 50 to 75 percent more energy efficient. Recently, a $100,000 remodel was done as a donation on the east side of Madison. The group is planning to do one donation project a year in the Madison area in an attempt to raise awareness of this important cause. Some of the modifications made were hybrid heat pump systems, modern electrical systems, rooftop solar panels, and energy efficient appliances. The donation project was organized by Project Home which is a non-profit organization that works towards bettering housing for low to moderate income residents in Madison and surrounding areas. They mostly concentrate in the Dane and Green counties. If this causes a chain reaction, this great cause could truly change the face of Madison area real estate.
Although the real estate market has been slowing over the last 2 years, it is very important to note that 2007 will still be the fifth highest year on record for existing home sales. The National Association of Realtors has recently released reports providing evidence that people are still buying homes at historical levels and that the favorable mortgage rates are still in play for prospective home buyers. One out of every 16 American households will buy a home this year, with the expected total of existing home sales to be around 5.78 million for the year. This is compared to 6.48 million total sales in 2006, which is believed to be an unsustainable level by experts. With greater inventory levels, and more reaction time in the absence of bidding wars and panic among buyers, now is an ideal time to consider homeownership in the Madison and Middleton areas. For more details on this report by the National Association of Realtors, please send me your questions and visit their site.