Sales of Madison WI homes tank to new 5-year lowPosted by Jolenta Averill, Broker on Wednesday, December 1st, 2010 at 8:33am.
These seemingly pretty flowers (or perhaps margarita glasses, as my son pointed out!) are actually huge water tanks. Sady, they remind me that, despite the typical seasonal slowdown for this time of year, sales of single family homes in Madison Wisconsin virtually tanked last month.
In October 2010, the number of units of Madison single family homes sold fell to a new 5-year low for the month of October. Only 84 units made it to closing. The average price was $219,014 and it took an average of 78 days for these properties to go to closing.
Please check out the chart below which puts the sales slowdown for single family homes into historical perspective. You can see charts for average prices and average DOM (Days On Market) for Madison single family homes on our new Madison real estate statistics page.
Bear in mind that some of this slowdown is inevitable, even normal, for this time of year, however the slowdown in sales of Madison homes has been exacerbated by the uncertainty surrounding the economy and the speed of the recovery.
What does it take to sell in a down market? For one thing, an in-depth understanding of how to position and market your home to a much smaller audience than we're used to seeing historically. To learn more and obtain a free market analysis of your home, please call (563) BUY-SOLD.
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Jolenta Averill, Principal
Lake & City Homes Realty
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