The market for single family homes in Verona certainly favors sellers over buyers. On the surface this doesn't appear to be the case when you look at the number of homes sold in July. After all, there were only 23 homes sold in July, compared to 37 in July of 2014 and 28 in July of 2013. What these numbers don't show is that the supply of MLS listings is historically low. Although the demand for Verona real estate is very strong, a dearth of inventory is putting a cap on sales and driving prices higher.
The graph below shows how the July average Verona home price has been trending over time. Excluding the outlier month of July 2006 (when a few luxury sales drove the average price higher), July home prices reached an all-time high in 2015.
The days on market statistic provides more evidence of a hot market in Verona. According to the latest MLS data, the days on market for Verona single family homes is trending near all-time lows.
What Makes the Verona Real Estate Market so Strong?
There are 4 big factors driving the demand for Verona real estate:
Verona is benefiting from an upward cycle in the larger market, which has been going strong now for the last 3 years.
Verona is home to Epic Systems, one the fastest-growing tech companies in the nation. The large growth in Epic employees is boosting demand in Verona and in other surrounding municipalities.
Many home buyers value the Verona Area School District. Along with the Middleton School District, Verona schools are at the top of the popularity charts in Dane County.
The city and town of Verona provide a good source of new construction homes. Home building is on the rise, and Verona offers several neighborhoods with new construction options.
More Information on the Verona Real Estate Market
For more information, check out our comprehensive report on the Verona single family home market. We update our report several times each year with objective data from the South Central Wisconsin MLS.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred