What's Happening in My Neighborhood???

What Happened In Your Neighborhood?

2015-11-14T18:24:00.000-08:00

The ground was still frozen when we saw the first sign. Pent up demsnd under $250,000 turned open houses into all day affairs. Realtors barred the doors until Sunday and the stepped back to let the free market show begin.

Sellers could practically write the terms they would accept, leave the competing buyers drive the price, and sign the offer from the strongest buyer.

This year we saw home prices break free of conservative woes in some neighborhoods. The excitement of the pursuit to win returned to the eyes of buyers. Will that continue?

Third Quarter Closed

2011-10-10T09:33:00.000-07:00

We're going to make it through the tough times, but along the way we will be tested and challenged. Typical seasonal fluctuations in activity are magnified by viewing the market through lenses tinted with hope or worry. Spurts and flurries of activity no more indicate the worst has passed than an unattended open house means the market is crashing. Our point of reference for our expectations is an unusual time in Dane County Real Estate---2000 to 2006. Unusually vibrant, the sentiment was fearless, if not reckless. Anything was possible and failure was not an option. Today failure is the first concern and caution prevails.

Kathy Epping writes: We continue to see a slow down in buyers in Westmorland, Sunset Village and Dudgeon-Monroe neighborhoods. For instance, during September, there were six homes that sold in those three neighborhoods, but there are currently 36 homes on the market. On average, those homes have been on the market 96 days. Using these figures it appears there is 16 months worth of housing inventory currently on the market. Not great if you are a seller. Awesome news if you are a buyer. And even better if you are a buyer without a house to sell!

What has happened in the last eight to six weeks to slow down the sales? A couple of things. Interest rates have dropped again. Many potential buyers (a couple of my clients included) have decided to refinance and see what the spring market brings. County, city and state budget are also in the works. Those government employees continue to be in a holding pattern until they are comfortable with how everything shakes out.

Tom Meyer looked at home sales in the Greater Madison Market (includes Shorewood Hills, Middleton, Fitchburg, Maple Bluff, Town of Madison) and discovered the $250,000 to $400,000 price point was strong while homes were selling. That's important because that price range is the one most likely impact market activity the most with multiple buyers and sellers releasing and acquiring property. On the low end of the price range, the Madison Market saw 71 homes sell for less than $100,0000 through September. Compare that to 2006 when in the same area and time frame 8 properties sold for less than $100,000. There was no affordable housing program with that kind of success prior to the recession.

Back to School---what have we learned?

2011-09-13T13:11:00.001-07:00

Realtors do their learning when the schools are out and now that the back to school bell has rung for the kids, what did we learn on their summer vacation? At one point it looked like the housing market was going to turn the corner and see a light at the end of the tunnel. But it seems thrill of the spring tapered into dog days a little soon with economic news turning bleak and banks doing what they do...banking money.

Kathy Epping, Realtor in Near West Madison wrote that home sales for neighborhoods near Monroe Street were a little slower than earlier months, but the biggest change was the home sale price. For instance, in Sunset Village, the sales price for homes dropped 19% from June to August. In Dudgeon-Monroe, the spread was even wider, a 37 % drop. Westmorland was the only neighborhood of the three that saw an increase, 114% increase from June until August. Houses in all three neighborhoods continue to sell quickly when offer at the right price, on average homes sold were on the market less than 30 days.

Tom Meyer took a look at the sales in Middleton, McFarland, Fitchburg, and DeForest where he says sale prices for July and August show the resident home sellers are adjusting with reasonable price concessions.

As May Closed, Our Vision is Clear...

2011-06-17T07:02:00.000-07:00

My bank gave me a flyer with my deposit slip this month. The print was so small I couldn't read it without my glasses. First thought was, 'This must have been approved by a youngster who does not wear readers.' When I put my glasses on the words became clear and I got the message, which gave me the idea for a metaphor: Months of sales are our corrective lenses. Looking through the data the view becomes clear and we can see what we want to know to make wise decisions. Following is some 20/20 Vision Insight:

Kathy Epping noticed that more than a few of the sales in the near west Madison neighborhoods are re-listed properties which did not sell in 2010. Kathy reports the sales prices are averaging 89% of the LAST listing price from 2010! That's worth knowing.

Jed Hohlbein knows Middleton Hills as well as any Realtor. Jed reports on his blog, "While there is only one sale to report for the month of May there has been a recent flurry of activity in the neighborhood...". Middleton Hills is ahead of last year for sales activity and price points are definitely coming into focus.

Michael Restaino tracked three closings in Nakoma in May. Buyers who understand how a "buyer's market" can turn in an instant to "advantage seller" get the home they want. Michael's customers are kept sharp in their thinking when negotiating.

Chad Sperry reported 3 sales in Midvale Heights with an average sale price of $294,000. That's a hefty bump up from ther first 4 month sales.

Tom Meyer thinks the sales in McFarland and Madison's Blackhawk neighborhood prove his theory about Proper Pricing, which is simply: Get it right and you have an offer in 60 days or less. Get it wrong and you wait. The evidence is consistent in neighborhoods all over Dane County. Sales are registering at about 90% of initial asking price after about 6 months of testing the market. In the end, owners are getting about 94% of their last asking price. What does that mean to me as an owner/seller? Price according to recent sales and I'll have a buyer shortly. Price according to my expectations or hopes and I should settle in for a long ride.

April---Home Buyers and Sellers are Accepting and Moving-on

2011-05-17T13:27:00.000-07:00

A solid 12 months into the un-stimulated market and we're seeing commitments to reality made by home owners and buyers. If letting go of "what is not" is progress, it appears people are moving beyond wishful thinking and accepting their best options. From our perspective as Realtors, it looks like the market is moving on.

Middleton Hills is one of the most consistent areas of price appreciation. Realtor Jed Hohlbein contributed sharp insight sure to be of interest to residents. Recent sales show owners who bought in 2005-07 are taking losses to sell today. The pool of evidence is small, but what do the earliest 2011 resales say about this New Urbanism standout community? See what Jed knows at www.MiddletonHills.blogspot.com.

Sunset Village and Westmorland activity is quick according to Kathy Epping. Title companies will be busy in May and June closing a dozen or more sales (there are 5 pending sales in SV right now with more homes coming on the market). Two properties in the Village, priced over $350,000 have accepted offers! Those sales will impact values for appraisals for the next 6-12 months. Read www.KathysNeighborhoodNotes.blogspot.com for the rest of the story.

Waunakee has hot and cold spots is the report from John and Vicky Schroeder. Buyer's markets are found in Meadowbrook, Six Mile Creek, and Savannah Village. In Northridge, expect to find things more balanced. The Schroeder's web site is packed with stats and data on more areas from Sun Priairie, to Madison and points in between.

Blackhawk, City of Madison with Middleton schools, is a destination of choice again. Owners are getting offers in less than two months after making their last price adjustment. There will be at least 15 closings from mid-December until about the end of July. There are 9 homes in Blackhawk with offers pending today. Melissa LeGrand and Tom Meyer have their thoughts on what's worth knowing in Blackhawk on their blogs. Rural Dane County West is being combed by buyers making commitments on homes priced as high as $1.6 million. The three quarter of a million dollar price point is getting significant attention.

Nakoma. in the heart of near west Madison, is going to be an active market this spring according to Michael Restaino. There are 5 homes with offers in the area and none of those owners with accepted offers have reduced their prices. ($305,000 to $450,000 is the price point with offers) Maybe the demand is there, maybe the owners are realistic, and maybe the nakoma active realtors have the pricing figured out. Or maybe it's some degree of all three.

East Madison and Monona are monitored by Jayne Katers who reports there have been 16 full price or better sales already this year. At a time when we are hearing so much about distressed sales, (only a handful of the sales are distressed types in her neighborhoods) it's fascinating to see the unexpected. Who says there is no competition? Apparently the working class home market is doing just fine without a stimulus. Schenk elementary is an area with a significant post WWII housing stock and those homes are selling at an average of $142,194. A few blocks over in Kennedy, the homes built when the Brady Bunch was popular are getting around $185,000. Monona is still showing signs of high expectations with owners settling at an average of 89% of their first asking price. All of these neighborhoods, and more, on the east side are made up of solid homes and they're great places to live.

Midvale Heights is a tremendous value neighborhood and Chad Sperry says the market is moving. Homes are getting offers in about 15 days from getting the price in line with buyer's expectations. April has seen a fair number of MH homes closing. These are some of the best values near Hilldale, and one sale at $360,000 pushed the average sale price up, but the area is typically $190,000 to $250,000 filled market.

Madtown Condos will be updated by Chad soon, but he's been too busy selling real estate to make the deadline for this blog.

Lake Property, Maple Bluff, and Downtown Condos are covered by The Sprinkman Real Estate Team. Like Chad, they're too busy with offers to get their summary in to me on time. Contact them through their blog and you'll hear how the upper price points are seeing a lot of activity right now. The $2 million properties are getting offers again.

All over Dane County we are seeing the same trends---High Expectations are followed by humble price reductions, and then confident buyers step forward, and finally all parties are negotiating reasonable offers. It seems like a fairly healthy way of doing business.

First Quarter In the Books: Crunch Time, Dane County Hyper Local Real Estate

2011-04-14T09:52:00.000-07:00

The books are closed for Q1 of Real Estate 2011. In conference rooms all across the country people are spinning the meaning of the numbers. Realtor contributors to this blog see the data as power for the people. Trends are felt by the people on the ground and if you know what we know, you're way ahead of the pack. Empowered consumers working with Realtors who know the neighborhoods are dynamite partners. Each contributing Realtor answered this question: "Whaddaya know? Whaddaya know that only you could know... and a reader should know by talking to you?" Click through on the links for the rest of their story.

Chad Sperry lives in Midvale Heights where near west side homes are well built, have mature lots, and convenience to everything AND more affordable. It doesn't take long for Midvale owners to find buyers. After 30 days on the market it looks like owners conceded price just enough to entice buyers who paid an average of 97% of asking price. Chad made it his business to know everything about condominiums everywhere in the Greater Madison Area and his first quarter report includes 54 sales. Here's the nugget: 10 of those sales were distressed (short sale, bank owned, or foreclosure). Deep discounts are being had with average sales for some developments dominated by sales at 15-20% below first asking prices.

John and Vicky Schroeder have detailed analysis on their web site. Here's a peek: Waunakee, Southbridge: Balanced market with owners getting 95% of their first asking price in 106 days. Meadowbrook: Buyer's market. North Ridge Estates: Seller's market. Average sales price is $350,000 Six Mile Creek: Homes are selling in an average of 80 days on the market. Seventeen homes are for sale. Savannah Village: Buyer's market with 26 homes for sale and only a couple of sales this year. Sun Prairie, Wyndham Hills: The city is a distressed sales hotbed, and Wyndham Hills reflects the image. Three sales so far and two were distressed sales. Buyers look to Wyndham Hills as 21 sales happend there last year and their are only 11 for sale today--might be time to see how your home compares. Madison, Parkwood/Faircrest: A solid balanced market. 22 homes sold in the last year at an average sale price of $321,000. The 15 sellers today may have aggressive expectations asking an average $352,000. University Hill Farms--a true seller's market.

Sprinkman Real Estate Team came in with powerful stuff on the Downtown Condo Scene, Lake Homes, and Maple Bluff. Condo and Lake Home owners appear to have a common trait--patience. Lake homes which have been on the market for over 500 days are getting offers in about 90 days once the price is last adjusted. While 77% of initial asking price is the average sale price, the buyers are settling at about 92% of the last asking price. Condos are selling downtown and that includes all price points. If there is any question about the power of pricing, condo sales puts that to rest. With an average of 504 days on the market, Sprinkman reports the last price change until offer is a tollerable 209 days. The Sprinkman Team is a highly optimistic bunch. They know the realities of their markets.
Kathy Epping walks & bikes the sidewalks of Sunset Village, Westmorland, Dudgeon-Monroe where she counts at least 20 new For-Sale signs. Eight of those homes already have offers pending. Price points are being set with the spring closings. Get to know what Kathy knows.

Michael Restaino has Nakoma in his DNA and his fingers are on the pulse of Nakoma. Sales might be lagging this year, but Michael senses Nakoma, with an abundant inventory, is attractive to buyers. Take a walk through Nakoma with Michael.

Tom Meyer says rural Dane County (NW and SW) sentiment of consumers of real estate service is "changing" for homes $300,000 and up. After holding on for months, the average successful seller (14 total) conceded about $100,000 and then accepted an offer in 8-10 weeks. In McFarland owners are getting 98% of their last asking price, and the activity is primarily under $250,000.

Melissa LeGrand is a Relocation Specialist who spends more time driving than a trucker. Her car knows the Verona, Middleton, to Waunakee route without GPS. Melissa is seeing a flurry of activity in Blackhawk Neighborhood, although only one home closed so far this year. The Town of Middleton homes are selling at an early 2000 pace of about 60 days...but that's after price concessions of an average of almost $90,000. It took those owners (9 total, including one new construction) about 200 days on average to reach the "right" price. Melissa has her take on what makes a difference: If the price you want isn't supported by recent sales, chances are you will miss the buyers who are looking for homes like yours... but at a price like your former neighbor's.

Jayne Katers raised her family on the east side of Madison and started her real estate business there. Jayne breaks down the neighborhoods by elementary school and also covers Cottage Grove where 12 homes closed including a fair number of new construction. Glendale School District recorded 10 sales at an average of 95% of the initial asking price of $220,311. Maybe Kennedy Elementary owners have higher expectations than reasonable. The 12 successful sellers in Kennedy averaged a starting price of $207,775 and ended at $175,100 and that's less than the average of $179,600 in Orchard Ridge with 8 sales. Distressed sales are here and there, but not dominating these markets.

What's Happening is Rocking from Lake to Lake, Uptown to Downtown, City to Country

2011-04-05T08:02:00.000-07:00

Realtors are driven to share their wisdom. It goes against our values to bury our talents and make the public ask magic questions to learn what matters most. More associates who make a living knowing what's really happening in your neighborhood have joined this blog and will begin sharing their wisdom today. These are new contributing Realtors ready to report on what you want to know:

Michael Restaino: This 30 something, savvy young man, grew up in Nakoma the son of real estate icon, Ron Restaino. Michael knows the Nakoma housing market and neighborhood from a unique perspective. From walking to homes of friends and school, to the day he left for college at Kansas, graduated in business, and came home, Michael lived the Nakoma life. He's an outstanding resource to people who live in Nakoma or desire to live there.

Melissa LeGrand: A relocation specialist, Melissa is a go-to Realtor for Corporate Relocation Staffs around the country. Melissa knows Middleton, and everywhere the relocating corporate people prefer to live. Melissa will cover Blackhawk, High Point Estates, and the Town of Middleton. She's got the insight you want because she lives in the Middleton School District and she makes her living selling middle to high priced real estate in Dane County.

The Sprinkman Real Estate Team: If it's over $500,000 and in Dane County, it's likely the Sprinkman Real Estate Team sold it, or knows about it. Trey Sprinkman will report on Lake Property, Downtown Condominiums, and their home Village of Maple Bluff.

Become a Follower of What's Happening in My Neighborhood??? and get the insight to empower you in this real estate economy. Smart agents will continue to join this blog service, stay tuned to see who wants to share what they have with you.

March Sales Report Due April 15th. New Contributing Realtors and Neighborhoods

2011-04-04T12:28:00.000-07:00

In 11 days we'll have the March sales data and we're adding more Realtors and neighborhoods.
Chad Sperrry, a long-time West Side Madison Realtor joined Restaino & Associates last week. Chad's eager to bring you the insight into Midvale Heights. We love this neighborhood for it's exceptionally well built housing stock, with wide and deep mature lots as well as its proximity to everything happening near from Hilldale to Sequoia Commons.

Tomorrow I'll include some more Realtors and their neighborhoods. April's report will be more fun than paying taxes. Be sure to be a follower and tune in on April 15th.

New Markets Coming

2011-03-26T05:42:00.000-07:00

Downtown Condos, Lake Homes, Maple Bluff, and Shorewood Hills property will be reviewed here starting next week with the addition of more of the area's highly respected Realtors joining us.

Downtown Madison Condos are a neighborhood of their own and we'll show you how the expectations of the owners are matching up with the demands of the buyers. Some of the highest priced real estate in Dane County are in Maple Bluff and Shorewood Hills, and they are not all Lake Homes. Our reporting agents will break down the sales and share the insight with you in a way that will help owners make prudent price decisions and provide buyers, coming to the market, with ...the rest of the story.

Realtor's Report on National Sales--"What's that got to do about me?"

2011-03-24T09:17:00.000-07:00

A good friend of mine had a conversation with his youngest son, an 8 year old, about all the kids needing to mind their Mom, while Dad was away. After taking time to articulate his case, explaining how difficult it is for Mom when the brothers and sister push the limts, my friend asked his young son if he understood. The little boy replied, "Ya Dad, but what's that got to do about me?". The National Association of Realtors articulated their take on the economy and February home sales this week. All of the information may leave you thinking, "Ya, but what's that got to do about me?" and we understand.

As I was reading the NAR report, a representative from Veridian Homes walked in to share their April Hot Sheet of Move-in Ready Homes. Ten models are being offered at what appears to be $5,000.00 slashed off the last asking price. These homes are East, McFarland area, West, Sun Prairie, Windsor, Middleton, and Verona. Price points in neighborhoods are sacrificed when builder/developers drop prices. If you bought a new home last year during the tax incentive rush, you may have paid top price. If prices are being cut and homes are sold this spring, your home may not appraise for what you paid last year.

Do you want to know what's happening in your neighborhood??? Look to the right and select any of the Realtors participating in this research. They're prepared to look deep and uncover the nuggets that show you "what this has got to do about you".

Be A Follower...

2011-03-22T14:29:00.000-07:00

Over 800 people have checked into the blog: What's Happening in My Neighborhood??? in a few days and they're interested in the information the participating Realtors are turning up. It makes sense that people want "the rest of the story". Become a follower, and we'll keep providing you with insight into the home sales in your neighborhood.

We're expanding. Look to us for more neighborhoods, more communities, and condominiums. By the way, I noticed today that 683 condo homes sold in 2010 in "West Madison" and today we have 680 for sale. Interesting that those numbers are identical...there might be a story here.

If your neighborhood isn't covered yet, let me know... (no annonymous requests please) I'll find a Realtor to dig a little deeper for you.

Wisconsin Real Estate Sales by County, from the WRA

2011-03-21T08:20:00.000-07:00

The Wisconsin Realtors Association (WRA) publishes real estate sales data by county. Take a look at their report for Wisconsin, Dane County, and contact us to drill down to your neighborhood. What the numbers say about what's stewing in the big kettle may not be representative for What's Happening in Your Neighborhood.

Use hyper local information to make the best decision about property values and get that valuable information from one of the market savvy Realtors who research deep enough to turn up the real nuggets.

We Take and Play Requests

2011-03-18T07:55:00.000-07:00

Thank you to Karen at Property Trax for announcing this blog to Madison.com readers. Our objective as Realtors is to help the public make informed decisions about navigating this new economy. We believe accurate information...the rest of the story, can be the difference between trial and error and results that matter.

Restaino & Associates, a go-to company for people who are serious about real estate, has agents all over Dane County. Any type of real estate is covered by a well established Realtor in Restaino. Condos, lake homes, multi-million dollar properties, starter homes, everything in between, and rural land, vacation properties, Condo-hotels in the Dells--if it's real estate, we have an agent who is ready to dig deeper for you to uncover the trends and expose the myths of the market.

Pick an area, a neighborhood, a type of property, or a school district, and we'll take your request and provide you with the scoop and include your request each month after.

Email: Any of the agents on the side bar to your right, or email me at Tom@tommeyer.com and I will ask an agent ot respond to your request. Annonymous requests can't get a direct response.

Thank you.
Tom

January - February Sales by Neighborhoods

2011-03-15T07:13:00.000-07:00

Dane County homes are selling as home owners accept the reality of price shifts. It's too early to read a lot into the modest number of sales in any neighborhood, yet there are some trends which continue from 2010; owners start with expectations greater than the evidence indicates as reasonable, and when they lower their expectations (price) they have ready and able buyers, willing to make acceptable offers.

Jayne Katers broke out east side Madison neighborhoods. Schenk has 5 sales in 59 days of the 2011. Those homes included 1 distressed sale which sold for 80% of the first asking price. The cumulative days on the market for all 5 sales averaged 174 days, but the days on the market from last price change to the date an offer was accepted was just 37 days. The average sale price to last asking price was a reasonable 91%, but compared to the first asking price, the sales price was an average of 79%. Monona reports 3 sales and their cumulative 88 days on the market is cut in half to just 44 days after the owners change price enough to reach the buyers.
Jayne reports 4 sales in Cottage Grove with an average sale price of $314,500 compared to an average initial asking price of $333,200. An offer of 95% of the asking price is terrific in this economy.

Vicky and John Schroeder started analyzing the market data at a hyper-local level on their web site long ago. For this blog they are watching Waunakee, and University Hill Farms. The number of properties on the market in these areas show they will have much to report in coming months, however the first two months have generated a smattering of sales. Again, it's consistent to say price is key as Vicky and John's numbers also show a comfortably short time for owners from price change to offer when the "new price is right" in the eyes of the consumer.

Kathy Epping can be reached by email. She's monitoring the popular near west neighborhoods from Monroe Street to Midvale Blvd. Kathy dug deeper into the Sunset Village sales of 4 homes. One owner held to their price for 138 days and got 99% of the asking price. Four months without a price change is not expected. It will be interesting to see if the new normal for this area is more in line with the experience of two other owners who sold for 95.5% of asking price in about 40 days after making about 12% price concessions.

Amy Sherman-Kortbein Downtown Middleton sell because of charm and character. People who want the downtown look for mature trees, and homes with details that you can't find anywhere in the suburbs. Price is key as most homes will need ongoing maintenance, and they need to be updated without losing the very character that makes them special. Those costs are factored into the value equation as people decide how much they should offer. The downtown area may be seeing a resurgence in price, the Willy West Co-Op is a great addition to the attraction. Last summer's sale of some homes at premium prices give some boost to confidence in what is possible for owners who would be sellers. We are smart to keep our confidence in check with the evidence of the reality. Five homes are on the market today from $219,900 to $309,900. The longest time on the market is 722 days and not sold. The average first asking price is $284,920 and the average last price is $253,900. Buyers are price savvy.

Tom Meyer will monitor Rural Dane NW and SW over $299,900 and on a half acre or more of land, DeForest, and McFarland. The NW and SW areas have buyer activity with at least 8 homes above $300,000 sold already. Those that were offered for sale sold at 86% of the first asking price, but 93% of the last price. With an average first price of $507,925 and a sale price average of $428,938, the we might surmise that time was not a factor for the owners as they averaged 236 days on the market--but only 62 once their price was adjusted the last time.

With a healthy supply of homes on the market and more buyer activity with relocating persons appearing to favor buying over renting this spring, we should see trends taking shape.

Price and condition go hand in hand. Well priced homes in great condition, and updated to near-latest styles have buyer's ready, willing, and able to make offers. Great locations are not offsetting Yesterday's Styles enough to bring top price.

To get the trends by the numbers in your neighborhood, contact any of the Realtors participating in this research. A link to their web sites or emails are above and to the right. Look for us to report more details around April 15th. If you want your neighborhood highlighted in April, let me know. Tom@tommeyer.com.

Check In on the 15th of March for the first report

2011-03-08T13:16:00.001-08:00

We will have hyper market data by neighborhood starting on March 15th, 2011.