What's in Store for 2017?

Can we predict what will happen in 2017 given the strong markets of the past two years? While it's all speculative, we can make a few guesses. For instance, rates could move higher, based on our President- elect's fiscal and stimulus agenda. Even so, interest rates should remain at historically low levels.

Another thing to look for is more millennials buying homes. According to the National Association of Realtors, millennials who have paid down their student loans and built up their cash may be in a position to buy more house than even most real-estate professionals might think. And right behind them is Gen Z. Their elder members will hit their 18th birthdays in 2017, and as they come of age with low interest rates, better job prospects and higher wages to help cushion the high costs of college education,they likely could be a generation that strongly values homeownership and will continue to drive the real estate market for a long time to come.

Stay tuned to see what the new year brings.   Here's to 2017!

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October 2016 Home Sales

October continued to be a strong Real Estate market on the near west side of Madison.  Below is a few of the listings that sold.  Maybe there was one in our neighborhood?




SOLD IN OCTOBER 2016

3819 Winnemac Ave Madison, WI

Sold: $285,000

2 Bed, 2 Bath	Built in 1941
Sold On 10/19/16	1083 sqft
Price/sqft: $263

4109 Yuma Dr Madison, WI

Sold: $378,000

3 Bed, 2 Bath	Built in 1938
Sold On 10/18/16	2004 sqft
Price/sqft: $189

21 Hiawatha Cir Madison, WI

Sold: $350,000

4 Bed, 2 Bath	Built in 1950
Sold On 10/18/16	1682 sqft
Price/sqft: $208

2730 Chamberlain Ave Madison, WI

Sold: $450,000

4 Bed, 2 Bath	Built in 1937
Sold On 10/18/16	2294 sqft
Price/sqft: $196

621 Bordner Dr Madison, WI

Sold: $102,000

4 Bed, 2 Bath	Built in 0
Sold On 10/13/16	1285 sqft
Price/sqft: $79

14 S Eau Claire Ave Madison, WI

Sold: $379,900

3 Bed, 2 Bath	Built in 1959
Sold On 10/13/16	1867 sqft
Price/sqft: $203

5914 Cable Ave Madison, WI

Sold: $428,500

4 Bed, 3 Bath	Built in 1962
Sold On 10/12/16	2877 sqft
Price/sqft: $149

305 Chamberlain Ave Madison, WI

Sold: $315,000

3 Bed, 1 Bath	Built in 1932
Sold On 10/11/16	1537 sqft
Price/sqft: $205

6 S Rock Rd Madison, WI

Sold: $290,000

3 Bed, 2 Bath	Built in 1961
Sold On 10/11/16	1608 sqft
Price/sqft: $180

2740 Regent St Madison, WI

Sold: $350,000

3 Bed, 2 Bath	Built in 1867
Sold On 10/07/16	1690 sqft
Price/sqft: $207

2115 Jefferson St Madison, WI

Sold: $430,000

3 Bed, 2 Bath	Built in 1918
Sold On 10/05/16	1880 sqft
Price/sqft: $229

4905 Eyre Ln Madison, WI

Sold: $352,000

4 Bed, 3 Bath	Built in 1955
Sold On 10/05/16	2325 sqft
Price/sqft: $151

526 Togstad Glenn Madison, WI

Sold: $118,500

3 Bed, 1 Bath	Built in 1952
Sold On 10/05/16	1302 sqft
Price/sqft: $91

2623 Kendall Ave Madison, WI

Sold: $380,100

3 Bed, 2 Bath	Built in 0
Sold On 10/04/16	1620 sqft
Price/sqft: $235

406 Palomino Ln Apt 2N Madison, WI

Sold: $110,000

2 Bed, 1 Bath	Built in 1967
Sold On 10/04/16	820 sqft
Price/sqft: $134

4123 Euclid Ave Madison, WI

Sold: $350,000

3 Bed, 2 Bath	Built in 1935
Sold On 10/04/16	1940 sqft
Price/sqft: $180

5 Glen Hwy Madison, WI

Sold: $250,000

3 Bed, 1 Bath	Built in 1954
Sold On 10/04/16	1434 sqft
Price/sqft: $174

Looking Back at 2016

Despite all the changes that came about in 2016, the real estate market remained solid. It was extremely consistent, and is likely to become a record-setting year for Wisconsin's existing home market.

As with 2015, the housing industry again saw healthy increases in value. Inventory, while still very low compared to the number of people looking to buy, loosened up a bit mid-year. In June of 2016 the number of available homes for sale rose to 9,942, up from 9,450 the previous year. By August of 2016, there were nearly 1,000 additional homes for sale over 2015 inventory for that same time period. Still, buyers outweighed sellers, which continued to drive home prices up.

Why so many buyers? This is thanks to many factors, including low interest rates, lower gas prices, stronger wage growth, and greater numbers of millennials entering the home buying market. Technology is also making it easier for these buyers to shop for homes from virtually anywhere.

What's in store for 2017?  Stay tuned....