Home sales reflect yin and yang of a strong economy
With a 10.2% rise in real estate values, total residential property values jumping 6.6%, and condominium values rising 6.8%, purchasing an affordable home in Madison is becoming even more difficult, based on the latest Madison property assessments.
A summary from the Wisconsin State Journal shows the value of an average single-family home increasing to $269,377, while the city’s commercial development boon led to a 16.6% increase in commercial values. The increases prove the economy is healthy but the results are very few home purchases, particularly for buyers with budgets under $250,000.
Not surprisingly, the South Central Wisconsin MLS reported a dip in Dane County home sales of 8.7% in March, while the median sale price of a single-family home or condo increased. The average single-family home in March sold for $292,177, up from $259,720 last year, and the median sale price increased for the 19th month in a row to $257,750.
The number of active listings at the end of March compared to March 2016 fell dramatically, from 1,354 last year to just 975 this year, but new listings increased slightly, from 997 in March 2016 to 1,027 this year.