Yesterday I discussed how home sales were up a respectable 12.63% in July 2009 vs July 2008 on the West Side of Madison after six straight months of year-over-year declines. The question I posed was whether this signals a turnaround for the housing market on the West Side of Madison? The jury may still be out on the West Side but a clearer picture could be emerging for Madison's East Side where sales of single family homes have been up for not one but two consecutive months. After five straight months of year-over-year declines ranging from 7.35% to a whopping 35%, sales of single-family homes on Madison's East Side were up 3.05% and 29.63% in June and July 2009, respectively, compared to June and July 2008 (see chart below). Could a turnaround in the Madison East Side housing market already be underway?
- The volume of homes sold on the East Side of Madison from January-July 2009 was down 6.16% (to 564) vs the same period in 2008.
- The average price of an East Side Madison home was down 8.66% (to $194,187) from January-July 2009 vs the same period in 2008, making East Side homes more affordable.
- The volume of listings was down 9.89% (to 1,066) from January-July 2009 vs the same period in 2008, helping to constrain supply.
- DOM (Days On Market) remained virtually unchanged from January-July 2009 vs the same period in 2008 (75 days vs 81 days), proving that Madison East Side homes are still in demand even if fewer people are in a position to purchase one.
For more information about East Side Madison homes for sale or for a FREE market analysis of your East Side Madison home, please contact Lake & City Homes broker|owner Jolenta Averill at 608.230.5553. We'll help you make sense of the housing market, regardless of prevailing market conditions.