Twelve homes sold in January and February in these two Villages with a combined population of about 16,600. Each had one distressed sale out of their six homes sales. Relatively equal in population and proximity to East Side Madison (DeForest is NE and McFarland is SE), the real estate equality ends there.
In 1990 I was preparing to buy or build our second home. One son was 4 and the other was about to be born. I was a young realtor and to me the communities were a toss up, except the house I could afford in DeForest was on a wooded half acre and almost new. In McFarland, the lot choice to build was marginal--but walking distance to everything. We went with the DeForest School District---because the house was more house and the lot was incredible. (We were actually in the Town of Windsor).
Today, DeForest is considered a hotbed of distressed sales and the number of available properties at tremendous values due to higher supply than demand is causing non-distressed owners to settle for much less than they expected to be fair market value. Owners are closing at 82% of the first asking price and time on the market is a full half of a year. Even when they get the price down close enough to entice an offer, it still takes a solid 2 months and then they close at 95% of asking price.
In McFarland, owners are getting 91% of their initial asking price and selling in about 71 days. Once they get the price right they are done in 31---for an average of 99% of the asking price. The demand for well priced homes in McFarland is far greater than in DeForest.
The average sale price in DeForest this year is $175,200... and in McFarland: $212,431.
The research did not include rural townships feeding into the respective school districts.
I like this blog for a quick look at distressed sales around the area.
No comments:
Post a Comment