Last week I talked about some of the benefits the current real estate market has for both buyers and sellers. When we break down the stats and listen to the experts, it certainly appears that brighter days are ahead. However, after experiencing the "train wreck" real estate market of 2007, you might not be "all aboard" the "choo-choo" real estate train. If you're someone interested in buying or selling, maybe the following could convince you to "hop on the train" and make a move in the real estate market.
The good news for sellers:
- The Wisconsin Realtors Association's most recent figures show 10 straight months of sales growth in Wisconsin. Just this past August home sales increased over 20% from the same month last year.
- Thanks to the 20% sales increase, there's a continued boost in home prices for sellers. The current Hudson median list price for single family homes in October is up by 1.01% from last month alone at $289,900! See Hudson, WI stats here.
The good news for buyers:
- Federal Reserve commits to record low interest rates for years to come explained here.
- Just last month the 30-year fixed-rate mortgage averaged 3.55%!
The good news for the Hudson, WI market:
- There are 34 new October listings (see attached chart), set to pass up the previous month of 36 new listings total in the Hudson School District. This is a hopeful sign that sellers may be gaining more confidence in the local Hudson market and help boost our local inventory.
- There are already 18 sold October listings in the Hudson School District. (see attached chart)
Last month compared to September 2011:
- Median Sales Price: up + 2.9%
- Homes are Selling Quickly: Days on Market Until Sale: down -25.6%
*data collected from Northstar MLS in Hudson School District
I hope this information has given you some confidence in our local real estate market. Until our next update, feel free to contact me if you have any questions about the local Hudson market. I'd love to hear some comments from local Hudson residents. In regards to the real estate market, are you ready to hop on board the train, or are you worried the train-wreck isn't over?
I have been involved in real estate for nearly 20 years working as an assistant, hostess, closer, accounting and now licensed REALTOR for over 13 years. I serve the St. Croix Valley including: Lakeland, Afton, Stillwater, Woodbury, Hudson, Roberts, Hammond, Baldwin, Spring Valley, New Richmond, Somerset, River Falls, and Prescott. Contact me at realestatewimn.com.