Verona Home Sales Statistics – March 2017
It’s that time of year again, the time when the Spring real estate market goes crazy! Currently we are seeing very low inventory in Verona and around the Madison area. There are only 34 available homes for sale in Verona, and 194 that have sold in the past year. This equates to only 2.1 months worth of inventory. The number of sales is pretty similar to last March, but the median days on market is much lower than last year. Most appropriately priced and well prepped homes are receiving multiple offers. This is driving prices above asking price in many instances. All these things show us it’s a strong Seller’s market.
All of this is great for sellers, but it makes things extremely challenging for buyers. One problem we’ve seen with this level of activity is appraisals are coming in low, because bidding wars are driving prices up above what recently closed comparable homes have sold for. This can present problems for both buyers and sellers. If a buyer has an appraisal contingency, the buyer will often try to renegotiate price if the appraisal comes in low. If the seller negotiates out the appraisal contingency during the offer process, a low appraisal could make a week buyer’s financing fall thru. For more info on the appraisal issues, check out this previous blog post.
Another interesting fact is much of what sold in March were the lower priced homes. Notice the big difference in average sales price from this March to last March in the stats below. This is not showing that prices have gone down (they’ve actually gone up), it’s just that fewer of the high end homes have sold recently.
East View Heights had the most closed sales last month. However, Cathedral Point continues to be the neighborhood with the most activity. There are currently 16 properties under contract in Cathedral Point! Most of those are new construction homes. Although, there are a couple new subdivisions that are now under way. Kettle Creek North and Hometown Grove have begun to sell lots and homes.
Verona, WI March 2017 Home Sales Summary
Verona, WI March 2017 Home Sales By Neighborhood
If the neighborhood you live in is not on this list, sorry. We chose the 13 most active neighborhoods in Verona over the last year. We also do a lot of work in Middleton, Mount Horeb, Oregon, Belleville and Madison. We’d be happy to dig up information on your neighborhood when you contact us directly.