Anna’s report from the trenches…
Well, it has been a very interesting week in Madison real estate and I am having lots of good conversations with everyone I meet about what is really going on here. I am busy with listing appointments, buyer showings and even with Offer writing, but I am finding that the sensational news on TV, on the radio and in the newspaper is skewing the reality of the Madison market. I have done some research this morning and would like to share some numbers with you. I hope this helps to put our market in perspective with what you are hearing in the news:
Wisconsin is ranked 23rd in the country for house price appreciation by state with a -3.47% drop in the past year, -2.69% in the past quarter,+10.86% increase in the past 5 years and +120.93% since 1991. Madison, WI is ranked 116th for metropolitan areas with house prices dropping -0.81% in the past year, but up +1.21% for the last quarter and +21.67% over the past 5 years. This is really decent news – to know that Madison is quite a stable market. Compare this to Merced, CA which is ranked as one of the worst markets in the nation: -49.50% decrease in prices over the past year, -16.29% in the past quarter and -33.34 over the last 5 years.
Please call me if you are interested in hearing more statistics – they show the true picture of today’s market.
(Statistics are from the Office of Federal Housing Enterprise Oversight)