In our last post we covered recent price and inventory trends for homes on Madison's west side. West side homes fare very well when it comes to inventory and price, and the theme continues with west side listing success rates.
The listing success rate is a good measure for assessing the relative effort required to sell a home. As an equation:
listing success rate = (sold listings)/(sold listings + expired listings)
When fewer listings sell and more listings expire, the listing success rate goes down. This is exactly what happened in 2005, 2006 and 2007 for the Madison West and Dane County single family home markets. Prior to 2005, the success rate for Madison West listings was about 80% year in and year out, compared to about 75% for Dane County listings. In 2007, the success rate for Madison's west side decreased to 58%, compared to 52% for all of Dane County.
The Madison West listing success rate has out-performed the Dane County success rate every year dating back to the year 2000, and the trend continues this year. As of May 31st of this year, the year-to-date listing success rate on Madison's west side was 60.3%, compared to 49.5% for all of Dane County. In fact, the success rate on Madison's west side is higher than any other location in the county (see the year-to-date snapshot at DaneCountyMarket.com).
In our next post we'll cover recent "days on market" trends for homes on Madison's west side. For more information on the Madison West single family home market, feel free to visit these pages at DaneCountyMarket.com:
- Year-to-date snapshot by location, under real estate trends
- Madison West historical trends, under real estate trends
Also view our previous post on Madison west price and inventory trends.
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