Finally, after the recession, Madison real estate values rose 3.5 percent, which is the first increase in value of the average home in six years.
As reported by the South Central Wisconsin MLS, the number of new listings were flat with 23,502 in 2014 compared to 23,404 for 2013. Year over year the number of sales decreased less than 1%, however, the average sale price increased just over 1% to $193,340.
“Real estate values are recovering in a very significant way in Madison,” Mayor Paul Soglin said. “We can expect to see more recovery in future years. It’s because of the strength of the people of Madison. This is a desirable place.”
“It’s good news for the state,” said Todd Berry, president of the Wisconsin Taxpayers Alliance. “It suggests values statewide
will finally go up.”
According to the Wisconsin State Journal, the bright spot is $392 million in new construction — a 76% rise over the previous year and the most since 2007. The construction includes the high-profile project – The Edgewater Hotel redevelopment on Lake Mendota.
The building boom is critical for the city, which has increasing costs but is under state revenue limits that restrict increases in tax collections to the growth in net new construction of buildings, additions and remodeling minus the value of properties that have been demolished. Revaluations of residential properties — single-family homes, condos and apartments with up to three units, rose $288 million, the first increase for that category since 2007 as reported by the Wisconsin State Journal.
“We’re seeing bidding wars again,” said Jo Ann Terasa, assistant assessor for residential property, adding that homes are selling more quickly. “We’re back to days and weeks opposed to months and years.”
Wonder what your home is worth? To find the value of your home you can visit my website, I would be happy to send you a Free Comparative Market Analysis.
Whether you’re thinking about selling your home, or are considering purchasing a new luxury home, contact Mardi Stroud – Madison’s real estate expert — at 608.469.5555.
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