January and February Green Cty Wi Real Estate Market report

I realized today that it has been a while since we did a comparative market report for the Green County, WI area:

• 45 homes sold though the MLS in January and February of 2011,
• The homes were on the market for an average of 102 days,
  
• The average sale price was $116,028,
  
• The median sale price was $109,900,
  
• The highest priced property sold was $363,587,
  
• The lowest priced property sold was $10,000.

Let's compare with January and February of 2010:

• 21 homes sold through the MLS in January and February of 2010,
• The homes were on the market for an average of 141 days,
• The average sale price was $158,385,
• The median sale price was $129,900,
  
• The highest priced property sold was $333,500,
  
• The lowest priced property sold was $57,500.

Our interpretation of these numbers? The average and median home prices have dropped due to the larger number of less expensive foreclosure homes that have been moving. 22 of these 45 homes sold in January and February were under $99,999.

These numbers also mesh very well with what we have been seeing personally in the real estate market so far this year - things are starting to move again. This is not only true for single family homes. When we look at commercial properties, 4 sold through the MLS in January-February of this year, but only 1 in the same time last year. 3 parcels of vacant land sold this year compared to one last year; 3 multi-family properties have sold this year compared to none last year. The only class that sold better last year was condos: 1 this year compared to 4 last year.

Taking a look at the future, there are 17 single family properties currently pending sale in the MLS. That means that all contingencies have been removed and the parties are just waiting for the closing date. 22 single family homes are also listed as having an offer that still has contingencies. We like seeing those kinds of number in Green County again.

Let's keep real estate recovery going here in Cheese Country.

Property of the Week

This week's featured property is a brick home in Monroe.


They don't make homes like this anymore! This home is classic perfection inside and out.

A full brick Colonial, this home has 4-7 bedrooms. There are three main floor rooms with closets can be bedrooms if you need the space for a large family. Otherwise, use them like the current owner: home office, family television room, toy room. The master bedroom is truly a retreat from it all. There is a private balcony patio, a tiled bathroom with soaking tub, an alcove waiting for a chaise lounge and a truly enormous 11x9' walk-in closet.

There are oak floors throughout the home, and the original woodwork is beautifully maintained. In the living room, enjoy the stone fireplace with cherry mantle.

The retreat feel continues as you step outside. The fabulous 3 season porch lets you enjoy the view of the landscaped yard even when the rain falls or the mercury dips. It opens to patio and deck that are the ideal place for entertaining in pleasant weather.

Come see this one of kind, classic quality executive home today. Call Brenda or Luis at 214-5796 to set up a showing.

Property of the Week

This week's featured property is a 10 acre parcel of land in between Argyle and Blanchardville.



No covenants! This 10 acre lot near Yellowstone State Park and Yellowstone Golf Course will be the perfect place to build your dream. Plan your home to enjoy the long views of the countryside. The lay of the land will accommodate a walk-out if you like, and all utilities are at the road.

Congratulations!

Today's blog post is our favorite type - a congratulations to one of our sellers.

Mike and Beth, congratulations on selling your home! We wish all of our sellers could be as easy to work with as you have been. Good luck with your move and enjoy your new state.

Real Estate Market Statistics for Green County for 2010

2010 has drawn to a close, and now we can get our first look at solid numbers regarding the strength of the real estate market here in Green County in the last year. I pulled this chart because I found it interesting when we compared 2010 not only to 2009, but also to the years prior.

Housing Statistics by Quarter in Green County, WI

Number of Home Sales

2005    -    438
2006    -    399
2007    -    370
2008    -    298
2009    -    325
2010    -    317

Median Price

2005    -    $137,750
2006    -    $152,400
2007    -    $139,900
2008    -    $131,050
2009    -    $127,000
2010    -    $127,500

I am very hopeful that things are coming back to normal. Our median home price is only $10K down from the normal of 2005, and it grew, though slightly, from 2009. This shows nice stabilization in our prices and hopefully heralds the end of decline on the market as a whole.

Housing Outlook for the 2011

Wisconsin Real Estate Magazine has an in-depth report on the economic and housing outlook for Wisconsin in 2011.

We'll let you read the full details for yourself, but here are a few interesting quotes:

"But house prices are now roughly in line with fundamentals like incomes, interest rates, and rents. For example, for much of the 80s and early 90s national house prices were about 3 to 3½ times the median household income. During the boom the ratio peaked at about five, but now we are back in step with historic norms."

The bust has been very difficult for our nation, but the rate of increase in the early part of this century simply was not sustainable. Having prices back to historic norms is a very good thing for our nation as a whole.

"Wisconsin’s economy and housing markets are continuing the recovery we noted last year. Statewide, our unemployment rate is 7.8 percent, 2 points below the national average. Even our worst-hit metropolitan areas like Janesville and Racine are outperforming the really hard-hit labor markets..."

This statistic is not helpful if you are one of the 7.8 percent. However, as a whole, it speaks to the robust nature of our economy compared to the rest of the nation. Confidence will help growth, and growth is what we need to fully recover from the recession.

"Some of our smaller metropolitan areas like Eau Claire and Green Bay, though still affected, have seen less of a boom and bust cycle than the rest of the country, and nothing close to the highly volatile markets in states like California and Florida."

This echoes something we have been saying for years: real estate is nothing but local. Just because there are enormous declines in Las Vegas or entire subdivisions nearly vacant in California does not mean that buyers here can expect to get houses for half of their 2006 values. And no, cash offers don't mean sellers will accept 50 cents on the dollar either.

"Housing prices in Wisconsin, as elsewhere, have stopped their decline and appear to have stabilized. "

Again, this is something that we have been seeing locally. Prices do appear to have stabilized across the board. The challenge now is to help sellers accept the reality of today's fair market value instead of longing for the pricing of four years ago.

We do recommend reading the entire report. It is a very readable work and a very informative one.

Property of the Week

This week's featured property is a split-level ranch in Monroe.

Bring the family home! This comfortable split level home located on a quiet street has all you need. 3 bedrooms, main floor laundry, living room with fireplace, family room, refinished wood floors, generous storage area, 2 car attached garage, spacious eat-in kitchen, bright rooms filled with natural lightening. The landscaped yard has plenty of room for kids, grandkids, pets or more gardens.

Property of the Week

This week's featured property is a 10 acre parcel of land in between Argyle and Blanchardville.



No covenants! This 10 acre lot near Yellowstone State Park and Yellowstone Golf Course will be the perfect place to build your dream. Plan your home to enjoy the long views of the countryside. The lay of the land will accommodate a walk-out if you like, and all utilities are at the road.

Property of the Week

This week's featured property is a brick home in Monroe.


They don't make homes like this anymore! This home is classic perfection inside and out.

A full brick Colonial, this home has 4-7 bedrooms. There are three main floor rooms with closets can be bedrooms if you need the space for a large family. Otherwise, use them like the current owner: home office, family television room, toy room. The master bedroom is truly a retreat from it all. There is a private balcony patio, a tiled bathroom with soaking tub, an alcove waiting for a chaise lounge and a truly enormous 11x9' walk-in closet.

There are oak floors throughout the home, and the original woodwork is beautifully maintained. In the living room, enjoy the stone fireplace with cherry mantle.

The retreat feel continues as you step outside. The fabulous 3 season porch lets you enjoy the view of the landscaped yard even when the rain falls or the mercury dips. It opens to patio and deck that are the ideal place for entertaining in pleasant weather.

Come see this one of kind, classic quality executive home today. Call Brenda or Luis at 214-5796 to set up a showing.

Property of the Week

This week's featured property is a three bedroom bungalow in Monroe.


Traditional home with all the updates! If you love the grace and charm of an older home, but worry about updating one, look no further. This 3 bedroom home has the gorgeous woodwork and details of yesteryear, but everything has been updated or redone in the last ten years: roof, Energy Star furnace, high efficiency central air, vinyl siding, energy efficient windows & more.

You'll have plenty of room for your family in the 1800+ square foot home. The eat in kitchen transitions to a light-filled sunroom, perfect for enjoying a winter morning. The formal dining room has the built-in hutch that adds so much charm to homes of this era. The formal living room is expanded by a a clever under-staircase nook. Upstairs, you will find a spacious loft waiting to be your home office, media room, or family room. The master bedroom suite is also upstairs with an attached half bath and large walk-in closet. There are two more bedrooms downstairs. The main floor is also where you will find the laundry room, a space large enough to be used for sewing and crafts as well.

Privacy abounds in the yard, filled with an array of perennials in the flower beds. You are sure to spend many weekends, grilling out or enjoying the large patio with nearby fire pit with music in the background from the built-in sound system.

The garage simply must be seen to be believed. The two car attached garage is oversized with built in shelving for storage and a workshop area. It is insulated with hot and cold running water, floor drain, stereo sound and a wall-mounted television. The one car detached garage will fit an SUV, perfect for parking that third vehicle or storing that boat, ATV or a passel of bikes.

Don't miss this jewel of a home!

Property of the Week

This week's featured property is a Cape Cod home in Monroe.


This adorable Cape Cod in excellent condition is waiting for you!

Clean and bright, this home has 4 bedrooms with gable nooks, 1.5 bathrooms, hardwood floors, an eat-in kitchen, dining room and a spacious living room.

The newer roof, Energy Star furnace, central air and water heater means all you need to do is bring in your furniture and start living. Great location by hospital, a garage and a nice yard to boot. Home warranty included for your peace of mind.

Don't miss this one!

How effective is print advertising?

I was working on a continuing education class today when I found a nugget of information that was too startling not to share.

Before I share the statistic, let me share a little background. Whenever Luis and I list a house, we always talk with the potential seller regarding print advertising. We do pretty much no print advertising. There is a reason for this. Three years ago, we did quite a lot. However, we decided to keep some statistics ourselves on the return on investment for our print advertising. Care to guess what that return was?

ZERO

It was rather surprising and sobering, and we consequently discontinued doing print advertisements for ourselves and special ads for our properties. We warn our sellers that we do not do prints ads for this reason. Buyers are not looking for homes in the paper; only the sellers look there. We don't even have a good return on open house advertising in print. At the last two open houses we hosted, one had zero percent attendance because of the print ad run by our broker and the other had only one couple out of six list "paper" as how they heard about the open house.

So, today when I found the following statistic, it both surprised me and made perfect sense.

More buyers found the home they actually purchased from a yard sign rather than from an advertisement in a home magazine.

1%of buyers found the home they bought through a home magazine. 14% found the home they bought through the yard sign.

It is interesting food for thought for home sellers, is it not?

Property of the Week

Time to move on up? Here is the perfect home for a growing family. Expand your living space with the finished lower level family room and wet bar or move outdoors to enjoy the 24x18' cement patio with 6' privacy fence and the yard. This 3 bedroom ranch has had updates to kitchen and bathroom, plus the Energy Star furnace, air conditioner and water heater are all just 5 years old. Come take a look today!

Did you get these chain emails?

There have been a couple email rumors going around regarding new federal legislation and the potential consequences for home owners. We thought it would be helpful to address these issues on our blog today.

Rumor: The new federal health care bill requires an additional 4% transfer tax on homes sold.

Fact: The new federal health care bill has a 3.8% Medicare tax for some high-income households with net investment income.

Starting in 2013, this tax applies only home households with adjusted gross incomes of over $250,000 and would only be charged on home-sale proceeds that exceed the capital gains exclusion of $500,000. If filing individually, these figures change to incomes over $200,000 and home sale proceeds over $250,000.


Rumor: The energy bill that Congress is working on would require home sellers to obtain an energy audit or make energy retrofits before selling.

Fact: The bill as written at this point would require new construction to be energy-labeled, but it does not allow states to require new ratings when the homes are sold.

FactCheck.org did a nice job answering this question with references on their website earlier this year.

If you come across any other rumors about these issues or others regarding changing rules for selling or buying a home, please ask our Facebook page, leave a comment, or drop us an email. We will check into it for you. We are here to help with all types of real estate questions here in the Green County area.

June 2010 Green Cty Wi Real Estate Market report

Regarding the number of single family homes that sold in Green County in June of 2010:

• 29 homes sold in June of 2010,
• The homes were on the market for an average of 106 days,
  
• The average sale price was $143,386,
  
• The median sale price was $128,000,
  
• The highest priced property sold was $322,000,
  
• The lowest priced property sold was $27,000.

Let's compare with June of 2009:

• 32 homes sold in June of 2009,
• The homes were on the market for an average of 159 days,
• The average sale price was $148,459,
• The median sale price was $140,957,
  
• The highest priced property sold was $375,900,
  
• The lowest priced property sold was $43,000.

Many of the numbers are holding steady against this month last year, but it is great to see that the average days on market is significantly lower again.

Six homes in the over $200,000 price range sold last month. Considering how hard this price range was hit during the last year and a half, it is good to see some signs of life in the higher priced market.

Property of the Week

This week's featured property is a 10 acre parcel of land in between Argyle and Blanchardville.



No covenants! This 10 acre lot near Yellowstone State Park and Yellowstone Golf Course will be the perfect place to build your dream. Plan your home to enjoy the long views of the countryside. The lay of the land will accommodate a walk-out if you like, and all utilities are at the road.

Congratulations

Congratulations on your first home, Cori! We hope that you will spend many happy years there.

If you dream of a photo of standing in front of your first home in the Monroe, WI area, give Brenda or Luis a call or check out our website to send us a message. We will be happy to work with you to help you find just the right home, whether it is your first home or if you are upsizing or downsizing.

Open House

Stop in between 5 and 7 pm this evening to view this lovely home at 1610 16th Ave in Monroe.

Traditional home with all the updates! If you love the grace and charm of an older home, but worry about updating one, look no further. This 3 bedroom home has the gorgeous woodwork and details of yesteryear, but everything has been updated or redone in the last ten years: roof, Energy Star furnace, high efficiency central air, vinyl siding, energy efficient windows & more.

You'll have plenty of room for your family in the 1800+ square foot home. The eat in kitchen transitions to a light-filled sunroom, perfect for enjoying a winter morning. The formal dining room has the built-in hutch that adds so much charm to homes of this era. The formal living room is expanded by a a clever under-staircase nook. Upstairs, you will find a spacious loft waiting to be your home office, media room, or family room. The master bedroom suite is also upstairs with an attached half bath and large walk-in closet. There are two more bedrooms downstairs. The main floor is also where you will find the laundry room, a space large enough to be used for sewing and crafts as well.

Privacy abounds in the yard, filled with an array of perennials in the flower beds. You are sure to spend many weekends, grilling out or enjoying the large patio with nearby fire pit with music in the background from the built-in sound system.

The garage simply must be seen to be believed. The two car attached garage is oversized with built in shelving for storage and a workshop area. It is insulated with hot and cold running water, floor drain, stereo sound and a wall-mounted television. The one car detached garage will fit an SUV, perfect for parking that third vehicle or storing that boat, ATV or a passel of bikes.

Don't miss this jewel of a home!

Property of the Week

This week's featured property is a brick home in Monroe.


They don't make homes like this anymore! This home is classic perfection inside and out.

A full brick Colonial, this home has 4-7 bedrooms. There are three main floor rooms with closets can be bedrooms if you need the space for a large family. Otherwise, use them like the current owner: home office, family television room, toy room. The master bedroom is truly a retreat from it all. There is a private balcony patio, a tiled bathroom with soaking tub, an alcove waiting for a chaise lounge and a truly enormous 11x9' walk-in closet.

There are oak floors throughout the home, and the original woodwork is beautifully maintained. In the living room, enjoy the stone fireplace with cherry mantle.

The retreat feel continues as you step outside. The fabulous 3 season porch lets you enjoy the view of the landscaped yard even when the rain falls or the mercury dips. It opens to patio and deck that are the ideal place for entertaining in pleasant weather.

Come see this one of kind, classic quality executive home today. Call Brenda or Luis at 214-5796 to set up a showing.

May Market Report for Green County, Wisconsin

Regarding the number of single family homes that sold in Green County in May of 2010:

• 37 homes sold in May of 2010,
• The homes were on the market for an average of 111 days,
  
• The average sale price was $150,139,
  
• The median sale price was $132,000,
  
• The highest priced property sold was $425,000,
  
• The lowest priced property sold was $20,000.

Let's compare with May of 2009:

• 33 homes sold in May of 2009,
• The homes were on the market for an average of 96 days,
• The average sale price was $157,000,
• The median sale price was $425,000,
  
• The highest priced property sold was $765,000,
  
• The lowest priced property sold was $75,000.

Two very expensive property sold in May of last year, and no very inexpensive homes sold in that month, which accounts for the very high average and median home prices. These are not normal numbers for our area.

Comparing the two years, it is great to see the number of single family homes sold still stable. Perhaps it is a little early to say that our real estate market has recovered, especially since our days on market are still high indicating a higher than average housing inventory, but we are certainly showing great signs of life again in the Green County area.