After what has amounted to a real dry spell, this week has reaped more calls about income property than about any other type of real estate in months. Specifically, I've been getting a lot of calls about owner-occupied income property. My question is: could this signal the beginning of a turnaround in Madison WI income property?
There were 87 income properties sold in Madison in 2008. That's an implied absorption rate of about 7.25 properties sold per month. The median sales price was $233K. So far this year, there have been 7 sales of income property in Madison at a median price of $191,666. So the median price is down and so far this year the absorption rate is down too. At the moment it's .583 properties per month. Admittedly not very impressive. But it's still early days for the 2009 real estate market so we'll have to re-evaluate things in another couple of months to get a clearer picture of the trend. In any case, I'm pleasantly surprised that the interest level in owning and occupying income property seems to be improving, at least based on the calls I've gotten this week.
Please call Jolenta Averill at Lake & City Homes Realty at (563) BUY-SOLD (563-289-7653) for more information about buying and selling income property in Madison WI and Dane County. We look forward to the opportunity to help you locate the homes that fit your lifestyle!
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Jolenta Averill, Principal
Lake & City Homes Realty