The market for sellers is most challenging for the homes and condos that are on the high end of the price ladder. And the data for Dane County listing success rates bears that out.
For example, in 2009 the overall listing success rate for Dane County homes was 56%. Homes under $100,000 had a success rate of 71%. Homes over $800,000 had a success rate of 14%.
In the condo market, the overall success rate was 36%. Condos under $100,000 had a success rate of 53%. Condos over $800,000 had a success rate of 9%.
Another way to view the market by price range is to look at how months of inventory vary across the price spectrum. If you take a peek at this data, the pattern is very clear.
Given the data and the realities of the market, pricing and marketing become ultra-critical as you work your way up the price ladder. The cost of not being able to sell a high-end property in a downward trending market is very real.
Remember all of those golf course homes that were worth a million dollars 3 years ago?
Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com
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