Madison Wisconsin Homes and Real Estate: Gen X'ers Want Large Lots and Green---Baby Boomers Get the Walkables

Friday, March 25, 2011

Gen X'ers Want Large Lots and Green---Baby Boomers Get the Walkables

RisMedia reports the real estate recovery will be spurred by the Generation X (30-45 year olds) who say they will spend more for Green-Built homes and they prefer large lot subdivisions over "Walkable Neighborhoods". That's good news for us Baby Boomers who are leaving the big lots for sidewalks, bike paths, and neighborhood shops. We've got the houses to sell and won't mind less competition when we buy our next home.

Madison may be an exception to the national report. Our population is noted for being eco-minded and bike/pedestrian friendly. That didn't happen so much by design as it did by demand. Today we see strong demand inside the beltline and interest outside with the interest resulting in sales happening as much as 14% below the price the owners initially expected. Eight sales of large lot homes west of the Beltline this year averaged $428,938 for a sales price. The initial asking price averaged $507,925.

Keep an eye on Westmorland, Sunset Village, Midvale Heights, Middleton Hills, and Dudgeon Monroe to see if demand is steady for walkable neighborhoods at What's Happening in My Neighborhood???

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If Not Sold in the First 30 Days, Successful Sellers Conceded The Price

Through Mid-September, thirty seven percent (37%) of 126 home owners who sold in 2010 sold without making a single price concession. They typically attracted a buyer within 40 days of going on to the market. These successful owners conceded little on price as they sold for about 97%-98% of asking price.

Those who counted time on the market by months or even quarters eventually sold for an average of 91% of their initial asking price. Price reductions improved their success opportunity. Once their price was reduced to a price favorable to a buyer, the time on the market was short--about 34 days from last price change to accepted offer.

See September 20, Buyer Enticing Pricing

Disclosure

The source of data: South Central WI MLS Type of data: Single family homes and maybe condos and maybe other Areas: Madison and other areas such as McFarland, Shorewood Hills, Middleton, Maple Bluff, Oregon, DeForest, Cross Plains, Dane County, Fitchburg, Verona, did I say Middleton? Dates covered in these blog posts: January 2010 and continuing.

All comments are the relatively well thought out opinions of Tom Meyer. Those opinions are not necessarily shared by Restaino & Associates, other brokers, or the national, local, or state associations of Realtors... in fact, they may be significantly different.