2017 Was Great For Real Estate But Did We Break Any Records?

Happy New Year, and warmest greetings as we begin 2018! Now that we are a few days into the New Year, It’s a good time to reflect back on 2017 and look ahead to a great start. 2017 was a bit of a broken record. As far as real estate, it seems like we reported the same basic scenario throughout the year: Low inventory, motivated buyers, interest rates remained low and the average home price increased month after month.

November 2017 home sales in Wisconsin definitely put us on a record pace for the year. Existing home sales increased 4.2 percent over a year ago. November was the second straight month to see such a rise in sales. Of course, the lack of inventory pushed prices ever higher to an average of $170,000 in November, 5.6 percent higher than November of last year. In Dane County, November sales reached a median sale price of $290,000.

As of the time I’m writing this, December’s numbers have not been finalized, but through November 2017, home sales totaled 77,216 for the year. That’s a mere 4,581 fewer than homes sold throughout 2016, which was a record-breaking year with 81,797 homes sold. December usually sees over 5,000 sales, but Wisconsin is predicted to sell in excess of 5,800 units, effectively crushing 2016’s record-sales.

With sales numbers like this, it is a good time to remind all of you that Restaino & Associates’ Realtors are seasoned experts who really know the local market and are skilled negotiators. Restaino also provides a relocation assistance service program that brings added value to relocating clients. Whether it is an individual or a corporation moving in or out of the greater Dane Co. area, we are able to customize services to cater to each client’s needs. If you have a client considering relocation, access our specialists at www.MadisonRelocation.com for assistance. As with all of the professional services we offer, our relocation specialists offer their knowledge and expertise to clients and partners in order to make every move thoughtful and well-informed. Our team will be here to assist you however we can throughout the New Year!

Thank you for your past friendship and trust. We wish you a happy and prosperous new year!

Ron Restaino