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The Madison West single family home market has consistently out-performed the larger Dane County market along a number of different measures. The following includes statistics and trends for the years 2000 through 2007. Please visit our single family home snapshot for updates on the Madison West market throughout the 2008 year. Note: Madison West consists of all Madison MLS locations W01-W18. You can view a map of all Madison MLS locations here.
Sales Price
The median sales price for a home on Madison's west side increased by between 6.8% and 13.2% during the years spanning from 2001 to 2004. Since that time median prices have grown by between 2.0% and 2.3% on an annual basis. The Madison West median price grew from $163,600 in the year 2000 to $255,000 in 2007, for an increase of $91,400 (55.9%). Home prices for all of Dane County grew by 50.2% during the same seven year period.
Sold and Expired Listings
The number of Madison West single family home sold listings peaked in 2004 with 1,343 transactions. Sales volume decreased in 2005, 2006 and 2007, when 1,190 homes sold on Madison's west side. Sales volume in 2007 decreased by 11.4% from the sales volume of 2004, while sales volume for all of Dane County decreased by 14.5% during the same three year period. The number of Madison West single family home expired listings grew from 345 in 2004 to 879 in 2007, for an overall increase of 155%. The number of expired listings for all of Dane County grew by 125% over the same three year period.
Listing Success Rate
The listing success rate for Madison West homes ranged between 79% and 81% each of the first five years of the decade. The listing success rate decreased in 2005, 2006 and 2007, when the success rate was 58%. Although the listing success rate has decreased each of the past three years, the Madison West success rate has out-performed the Dane County average every year dating back to the year 2000.
Days on Market
The average days on market for listings that sold on Madison's west side grew to 66 days in 2007, compared to 74 days for all of Dane County. The average days on market for listings that expired grew to 130 days, compared to 149 days for all of Dane County. The days on market for Madison West homes (for both sold and expired listings) has been lower than the Dane County average every year dating back to the year 2000.
Total Days on Market Experience
The total days on market experience for Madison West homes grew to 162 days (5.3 months) in 2007, compared to 210 days (6.9 months) for all of Dane County. The Madison West total days on market experience has consistently out-performed the larger Dane County market every year dating back to the year 2000.
About us
This market update is provided courtesy of Dan Miller and Shawn Kriewaldt of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact Dan at 608-852-7071 (danielmiller@kw.com) or Shawn at 608-212-5743 shawnkriewaldt@kw.com). Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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