Property Sales
December property sales were 12, up 50.0% from 8 in December of 2012 and -29.4% lower than the 17 sales in November. December 2013 sales were at their highest level compared to December of 2012 and 2011. December YTD sales of 178 are running 39.1% ahead of 2012’s year-to-date sales of 128.
Prices
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The median sales price in December was $648,500, up 36.8% from $474,000 in December of 2012 and up 14.0% from $569,000 in November. The average sales price in December was $725,725, up 26.3% from $574,625 in December of 2012 and up 0.2% from $724,351 in November. December 2013 ASP was at a mid-range compared to December of 2012 and 2011.
Inventory & MSI
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The total inventory of properties available for sale as of December was 24, down -20.0% from 30 in November and down -35.1% from 37 in December of last year. December 2013 inventory was at the lowest level compared to December of 2012 and 2011.
A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The December 2013 MSI of 2.0 months was at its lowest level compared with December of 2012 and 2011.
Market Time
The average days on market (DOM) shows how many days the average property is on the market before it sells. An upward trend in DOM tends to indicate a move towards more of a buyer's market, a downward trend a move towards more of a seller's market. The DOM for December was 64, up 25.5% from 51 days in November and up 16.4% from 55 days in December of 2012. The December 2013 DOM was at a mid-range compared with December of 2012 and 2011.
Selling Price per Square Foot
The selling price per square foot is a great indicator for the direction of property values. Since median sales price and average sales price can be impacted by the 'mix' of high or low end properties in the market, the selling price per square foot is a more normalized indicator on the direction of property values. The December 2013 selling price per square foot of $395 was up 27.0% from $311 last month and up 13.2% from $349 in December of 2012.
Selling Price vs Listing Price
The selling price vs listing price reveals the average amount that sellers are agreeing to come down from their list price. The lower the ratio is below 100% the more of a buyer's market exists, a ratio at or above 100% indicates more of a seller's market. The December 2013 selling price vs list price of 98.8% was down from 99.8% in November and up from 95.9% in December of 2012.
Inventory / New Listings / Sales
'This last view of the market combines monthly inventory of properties for sale along with new listings and sales. The number of new listings in December 2013 was 9, down -10.0% from 10 in November and up 125.0% from 4 in December of 2012.
Want to know what sold in Madison in 2013? Wondering how much that house you drive by all the time sold for? As your local Madison REALTOR®, I’d be glad to help you determine what your home is worth & the best price to help you sell your home here in Madison. Or if you simply have questions about the selling or renting process, please feel free to call me or email.
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