The Hoyt Park Joint Steering Committee has been hard at work over the last few weeks consolidating data, maps, neighborhood survey results and information gathered at the first public hearing. All of the information can now be found in one handy location. Please visit the website to find out additional background information such as a series of maps which show existing conditions of the neighborhood such as Age of Single-family housing, 2011 Assessed Value of Single-Family Housing, and Existing Location of Bike Routes, Sidewalks, and Bus Routes.
In addition, the committee has been busy planning for the next public meeting scheduled for December 6, 2011 at 6:00 p.m. at the First Baptist Church, 518 Franklin Street. The meeting will include a summary and overview of the key issues impacting the neighborhood, as well as a presentation of a preliminary plan. The preliminary plan will include redevelopment concepts for University Avenue, Midvale Boulevard, Mineral Point Road and the Hoyt Park area. Small group neighborhood discussions of the presented plan will follow the presentation.
This offers an excellent opportunity to meet and visit with neighbors, get involved in the discussion as well as provide input on the future of this great neighborhood. Hope to see you there!
Monday, November 28, 2011
Monday, November 21, 2011
Sales Up, Prices Down
Homes sales in Wisconsin continue their upward trend in October, for the fourth straight month, according to a report by the Wisconsin Realtors Association (WRA). Existing homes sales increased 13.5 percent on October 2011 compared to October 2010. Home sales in the third quarter are well above depressed levels in 2010.
The Federal Tax Rebate Program of 2010 had a depressing effect on home sales in the first half of 2010, but sales in the second half of this year look much stronger by comparison.
The median price for a home in the state dropped, however. The median price for a home in Wisconsin was $129,000 in October, down 7.8 percent from October 2010.
The report also indicated that the affordability of housing in the state is high right now, with the median family income able to purchase 243 percent of the median priced home in the state.
Low interest rates, hovering near 4.7 percent for a 30-year fixed-rate conventional home mortgage, along with low housing prices are driving the sales.
The Federal Tax Rebate Program of 2010 had a depressing effect on home sales in the first half of 2010, but sales in the second half of this year look much stronger by comparison.
The median price for a home in the state dropped, however. The median price for a home in Wisconsin was $129,000 in October, down 7.8 percent from October 2010.
The report also indicated that the affordability of housing in the state is high right now, with the median family income able to purchase 243 percent of the median priced home in the state.
Low interest rates, hovering near 4.7 percent for a 30-year fixed-rate conventional home mortgage, along with low housing prices are driving the sales.
Monday, November 14, 2011
The Face of a Buyer
I've often wondered who is out there buying houses. Sure, interest rates are at all-time lows and there is plenty of inventory to choose from, but who are these people?
The National Association of Realtors (NAR) recently released a report that tells us exactly who these people are. And the results may surprise you.
According to the NAR, the face of the buyer has changed, even from a year ago. Today the largest share of home buyers is aged 25 to 32 at 27 percent. However that buyer age group is down 9 percent in the last year, a considerable drop for a group that continues to dominate the buyer pool.
A shift in income levels
The median age of home buyers has jumped from 39 years old to 45 years old as first time home buyers have dropped to a third of all buyers, down from half of all buyers. Older, more stable buyers are accounting for more of the market as younger buyers are staying where they are.
A shift in buyers' income levels
The median household income of buyers in America is now $80,900, an increase in income after the previous two years' decline. Lending remains tight, which may actually account for why people with higher incomes are capable of qualifying for (and actually closing on) a home purchase.
A shift in married couple buyers
For ten years, more and more single people were buying homes as married couples' purchases dropped by 10 percent in that time. However, but over the last year, this trend was broken. In 2011, NAR reports a distinct drop in single home buyers as the share of married couples rose to 64 percent, the highest number since 2001.
In addition, the number of single women buyers has slowed. Only 10 percent of home buyers were single women, the smallest share in six years.
The Takeaway
According to the 2011 NAR Profile of Home Buyers and Sellers, the average American buyer is now older, has higher income and is likely married. Single and lower income buyers are sitting on the sidelines as unemployment continues to be a concern and lending guidelines remain tight. In the end, the study shows that home buyers are now "staying well within their means".
The NAR Profile of Home Buyers and Sellers surveyed 5,708 home buyers and sellers last summer.
The National Association of Realtors (NAR) recently released a report that tells us exactly who these people are. And the results may surprise you.
According to the NAR, the face of the buyer has changed, even from a year ago. Today the largest share of home buyers is aged 25 to 32 at 27 percent. However that buyer age group is down 9 percent in the last year, a considerable drop for a group that continues to dominate the buyer pool.
A shift in income levels
The median age of home buyers has jumped from 39 years old to 45 years old as first time home buyers have dropped to a third of all buyers, down from half of all buyers. Older, more stable buyers are accounting for more of the market as younger buyers are staying where they are.
A shift in buyers' income levels
The median household income of buyers in America is now $80,900, an increase in income after the previous two years' decline. Lending remains tight, which may actually account for why people with higher incomes are capable of qualifying for (and actually closing on) a home purchase.
A shift in married couple buyers
For ten years, more and more single people were buying homes as married couples' purchases dropped by 10 percent in that time. However, but over the last year, this trend was broken. In 2011, NAR reports a distinct drop in single home buyers as the share of married couples rose to 64 percent, the highest number since 2001.
In addition, the number of single women buyers has slowed. Only 10 percent of home buyers were single women, the smallest share in six years.
The Takeaway
According to the 2011 NAR Profile of Home Buyers and Sellers, the average American buyer is now older, has higher income and is likely married. Single and lower income buyers are sitting on the sidelines as unemployment continues to be a concern and lending guidelines remain tight. In the end, the study shows that home buyers are now "staying well within their means".
The NAR Profile of Home Buyers and Sellers surveyed 5,708 home buyers and sellers last summer.
Wednesday, November 9, 2011
October Home Sales
As the November winds blow, I am gathering information about home sales in October in Sunset Village, Westmorland and the Dudgeon-Monroe neighborhoods. Like the weather outside, sales in October have cooled. In fact, there were no home sales in Westmorland last month. That was actually a bit of a surprise to me, since Westmorland has been a fairly hot neighborhood for the last few months.
If people aren't buying homes, are they at least looking? I wondered. So I did a little research and found that showings (a Realtor taking a buyer to view a house) have dropped considerably, too. During the month of October, there were only three showings in these three neighborhoods. This figure doesn't include open house traffic (watch for another blog post on that in a few days). Year-to-date, there have been 99 home "showings" in Westmorland, Dudgeon-Monroe and Sunset Village. There have been a total of 48 home sales in these three neighborhoods since the beginning of the year. Which means sales are roughly half the amount of showings. Does that mean that we'll have 1.5 sales next month? We'll see what happens...stay tuned!
Here's what sold in October:
Sunset Village October Sales
Dudgeon-Monroe October Sales
If people aren't buying homes, are they at least looking? I wondered. So I did a little research and found that showings (a Realtor taking a buyer to view a house) have dropped considerably, too. During the month of October, there were only three showings in these three neighborhoods. This figure doesn't include open house traffic (watch for another blog post on that in a few days). Year-to-date, there have been 99 home "showings" in Westmorland, Dudgeon-Monroe and Sunset Village. There have been a total of 48 home sales in these three neighborhoods since the beginning of the year. Which means sales are roughly half the amount of showings. Does that mean that we'll have 1.5 sales next month? We'll see what happens...stay tuned!
Here's what sold in October:
Sunset Village October Sales
| Address | 1st Price | Last Price | Sold Price | SP/FP | SP/LP | Cum. Days of Market | # Days From Last Price Change Until Offer |
| 314 S. Midvale | $199,900 | $199,900 | $175,900 | 87% | 87% | 57 | 57 |
| 313 Karen Ct. | $259,900 | $229,900 | $210,000 | 81% | 91% | 426 | 24 |
| | $334,900 | $314,900 | $300,000 | 89% | 95% | 44 | 14 |
| Average Total | $264,900 | $248,233 | $228,663 | 86% | 91% | 176 | 31.6 |
| Address | 1st Price | Last Price | Sold Price | SP/FP | SP/LP | Cum. Days of Market | # Days From Last Price Change Until Offer |
| 2204 Eton Ridge | $349,000 | $339,000 | $315,000 | 90% | 92% | 126 | 93 |
| Average Total | $349,000 | $339,000 | $315,000 | 90% | 92% | 126 | 93 |
Wednesday, November 2, 2011
Try Hockey For Free Day
My kids have been involved in youth hockey for more than a decade. When I registered them years ago, the goal was to have them learn to skate. My philosophy was that if you live in Wisconsin, you ought to know how to skate because even if there isn’t snow (which hasn’t been the case in recent years), it’s always cold enough for outdoor ice. What a great outdoor winter activity.
Fast forward to today. All three of my children – one of them a daughter - not only learned to skate, but they have continued to play the sport. It has granted our family weekend getaways to tournaments, family time at games and time together on area outdoor “ponds”. Perhaps most importantly, it has created a wealth of life-long friendships that I wouldn’t give up for the world.
On Saturday November 5 from 1:00 p.m.-3:00 p.m. there is a program called “Try Hockey For Free” Day at Madison Ice Arena on Forward Drive. Sponsored by the West Madison PolarCaps Youth Hockey program, in association with USA Hockey and Madison Ice, Inc., the event is open to boys and girls ages 8 and under. Polar Caps coaches and members will be on hand, along with local High School players, to introduce kids to the great game of hockey. Kids will be able to try on hockey equipment, participate in various on-ice activities and see how much fun the sport can be. Refreshments and prizes are part of the event, too. Parents will have an opportunity to talk with coaches and other parents about the the organization, the sport and how to get involved.
To pre-register for the event, please go to http:www.tryhockeyforfree.com/or contact Tim Olander at polarcapsrecruiting@gmail.com
My family’s youth hockey days will be drawing to a close in the next few years, but I know I will have years of skating together on outdoor ice to look forward to. And plenty of friendships, too.
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