The Madison WI housing market continues to hold up remarkably well compared to other areas of the country. Although there is still a significant inventory overhang and it is taking longer to sell, prices are holding up well and homes are selling, provided they're priced right to begin with. There are over 1,100 single-family homes currently on the market so far this month in Madison alone and the current absorption rate (number of months of inventory) for Madison, WI is 10.03 months. It won't be until we get down to six or fewer months that we'll expect the tide to turn from a buyer's market to a seller's market. This could happen in relatively short order depending on what kind of stimulus plans Obama introduces to help the nation's troubled housing market. One thing is for sure: very few people are trying to sell their homes right now unless they absolutely have to for whatever reason. So with fewer people going on the market potentially this Spring and our economy still in reasonable shape, we could see a lot of the inventory overhang in Madison disappear by year's end.
The above chart is just a screenshot of our exciting new Flash-animated charts and graphs using data from the South Central Wisconsin MLS. Please visit our new market data page to see the real thing in action and let us know what you think. We're also looking for your feedback in terms of other data that might be interesting to report on. So please drop us a line and let us know your thoughts!
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Jolenta Averill, Principal
Lake & City Homes Realty