4th Quarter Real Estate Market Update
Exploring how sales in South Central Wisconsin compared to last quarter and last year, we find that 4th quarter sales in 2020 ended with 4,696 homes being sold. Compared to the 3rd quarter, sales went down 15.2%, but that is a normal trend. However, sales this quarter are up 24.2% compared to the number of homes sold in the 4th quarter of 2019. The quarter ended with an average sale price of $265,000. This was only slightly lower than the previous quarter, but it was above the average sale price for the year, which was $260,000.
*Source: Wisconsin Realtors Association. If you are interested in learning more about Wisconsin’s housing statistics, click here
Total number of Homes & Condos for Sale (as of 1/15/2021)
| Single Family Homes | 460 |
| Condos | 250 |
4th Quarter Sales – City of Madison and Surrounding*
| Single Family Homes | Condos | |
|---|---|---|
| Homes Sold | 1,371 | 408 |
| Average Days on Market | 25 | 36 |
| Average Price Sold | $399,667 | $245,661 |
| Low Price Sold | $70,000 | $72,500 |
| High Price Sold | $3,000,000 | $899,900 |
2020 Home Sales – City of Madison and Surrounding*
Single Family Homes: 5,183
Condos: 1,694
Average Sales Price: $385,167
Average Days on Market: 29
*4th quarter dates, 10/1/20 – 12/31/20, *Areas Include: Madison, Fitchburg, Verona, Middleton, Waunakee, Sun Prairie, Monona, McFarland, Cottage Grove, Source: South Central Wisconsin Multiple Listing Service. Reflects entire market share from all brokerages.
If you are thinking about selling or buying in the spring of 2021, now is the time to talk to a Realtor and put together your plan for preparation and a timeline. Our agents are experienced in guiding you through the process and helping you evaluate what is the best plan for your goals. If selling includes completing some home updates to increase your value, we can help you decide what approach is best and connect you to recommended local experts.
Selling usually includes buying a new home! One of the most common questions we get is how to navigate the timeline. There are a number of different options and we can help you figure out what will work best for you and your family.
If you are interested in learning more about Wisconsin’s housing statistics, click here. If you are interested in learning more about the home sales in your specific neighborhood, we can set you up with email notifications. Email us at Info@TheAlvaradoGroup.com, let us know the neighborhood you live in and we’ll take care of the rest.
Thanks for supporting our local real estate business and please check out our blog to learn more about our social justice initiatives, and helpful ways to keep your home and community the best it can be!
