Market Conditions in Madison>Question Details

Shawn Kriewa…, Real Estate Pro in Madison, WI

What do you expect from your home & condo markets in Aug & Sept? I expect stronger home sales & weaker condo sales based on pending sales

Asked by Shawn Kriewaldt, Madison, WI Mon Aug 1, 2011

data. This blog post explains how my team uses pending sales data to take a forward-looking view of the market.

http://my.madison.com/post/MadisonRealEstate/blog/what_to_ex…

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Shawn,

We would expect the same for our location for a variety of reasons.

First, the pre-crisis building frenzie saw condo development in excessive numbers. A large portion of the current condo sales inventory is comprised of these properties. Additionally, the inventory absorbtion rate, in most locations have seen a much greater interest in single family homes than condos.

This in part may be directly related to today's new buyer's vision that includes value, quality, and opportunity. Today's buyers have concern about excessive overhead and are often scared off by the frequently high fees associated with condo living.

Coupled with the uncertainty created by high vacancy rates and risk associated with this, many potential buyers are considering other options.

Respectfully,

Bill
0 votes Thank Flag Link Mon Aug 1, 2011
Here in NH home sales are steady, condos have taken a large hit in prices as Single Families became more affordable, condos priced at or below market value are selling at a good pace. NH has one of teh lowest unemployment rates in the country, relocations are very strong as people move here for work.
Web Reference: http://www.ScottSellsNH.com
0 votes Thank Flag Link Mon Aug 1, 2011
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