What does the new year hold in store for Madison, Wisconsin real estate? Based on our review of objective market data, we expect the 2014 Madison real estate market to be another good year for local home and condo sellers. Read on for more info:
2014 Madison Real Estate Predictions
Madison home and condo sales will continue at strong levels, but will decrease from the levels of 2013. The 2013 real estate market was a perfect storm for local sellers. Low prices, rock bottom mortgage rates, and several years of pent up demand combined to create a huge influx of buyers in 2013. These market forces are still at play in 2014, but not to the extent of the previous year. Our pending home sales data suggests strong but moderating sales in the months ahead.
Home and condo inventory will remain low. We expect inventory to start rising again as home building continues to rise and as more owners of existing homes gain the confidence to sell. However, at this point in time, inventory remains historically low.
Foreclosures will continue to decrease. All signs point to fewer distressed properties in 2014.
Madison area home prices will rise. With strong sales, low supply and fewer distressed properties, home and condo sellers can expect rising prices in 2014.
Keep in mind these are our general expectations for the coming year. All real estate is local. Market trends can vary significantly by neighborhood and by condo development. Contact us for a complimentary market analysis that is focused on your individual market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred