Madison Wisconsin Homes and Real Estate: Wexford Village--A Balanced Market

Wednesday, July 27, 2011

Wexford Village--A Balanced Market

A balanced market on Madison's West Side is Wexford Village. The neighborhood developed almost 40 years ago and expanded about 20 years ago is showing its ability to remain a highly attractive destination. Sale prices range from $250,000 to $328,000 with out of the ordinary sales on both ends--one at $205,000 and another at $375,000.

The average last asking price for homes sold in Wexford is $302,150. The average sale price of the 8 sold homes is $290,000. The 8 folks who are still looking for buyers are averaging an asking price of $322,048 and that includes two homes at $385,000.

The eight sold this year and eight for sale with homes priced from low $200's to upper $300's looks like a healthy mix of home opportunities.

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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.