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Happy New Year! Looking Back on 2014 in WI Real Estate...and Moving Forward into 2015

Monday, January 5, 2015   /   by Jen Koenig

Happy New Year! Looking Back on 2014 in WI Real Estate...and Moving Forward into 2015

2014 was a fantastic year for Real Estate in the South Central Wisconsin market.  As we talked about in a previous blog, property values increased significantly in many of the Madison neighborhoods, some as much as 8%!  So of course it's no surprise we saw a leap in market activity.  According to the South Central Wisconsin Multiple Listing System, we had 17,104 sales in the area in 2014.  That's over 2000 more homes sold than in 2012.  Area homes sold for more, with sales averaging $186,297 in 2014 vs. only $170,889 in 2012. Homes sold for $95.63% of the asking price on average this past year, vs only 94% in 2012.  All of this added up to a total of more than $3.2 billion in regional sales this year, a $600 million increase over just 2 years ago.


 


The Huemmer Home Team hit a total of 100 homes sold this year with more than $25 million in sales, and 2015 is shaping up to be our biggest year ever!


 


It's been predicted that 2015 will be a strong year for the market. Several sources believe interest rates will be rising as we move through the year, so it may be advisable to start the home buying process sooner rather than later.  Below is a link to an article from Realtor.com giving more market trend predictions, including...


 


 


"We’ll Close Out the Foreclosure Crisis


It’s been seven years since the housing bubble burst and foreclosures skyrocketed, but in 2015 we’ll see the end of that era. Already this year has seen a major improvement in the composition of sales—that is, there are fewer foreclosures and short sales in the mix.


“We are on pace for foreclosure inventories to end 2014 down more than 30%, and next year should see a slightly greater decrease as foreclosures fall to normal levels,” Smoke said.


But while these trends will be apparent nationwide, housing is still a local issue.


“The situation differs in every market, even every neighborhood,” Smoke added. “Each has its own unique, long-term trends in home values, which reflects local demand and supply conditions.”


And the situation is different for each individual home. Setting and negotiating a home price requires complex analysis, which is why most people prefer to work with an experienced REALTOR®."


 


http://www.realtor.com/news/5-housing-market-predictions-2015/