Savannah Village Neighborhood- Waunakee, WI Real Estate Market Report and Absorption Rate Trend
Savannah Village Neighborhood on Waunakee's Southern Edge gives us a pretty clear cut picture of a Buyer's Market. With 1.08 homes sold per month and 21 homes currently actively listed the Months of Supply on Market is 19.44. With prices of homes here generally in the $350k plus range this market really shows that at least in this case the higher priced homes and neighborhoods are still having some issues clearing through the inventory.
Homes are still being overvalued on average by sellers with the Average First List to Sales Price being below 93%. Homes sold in the past 12 months are averaging around $120 per sq ft with active homes being priced at around $134 per sq ft. I would be careful with this statistic as it is not always the best indicator as each home has it's own upgrades and amenities that increase or decrease it's price from the average.
This market really needs a few months of sustained sales (3 to 4 per month) to get it back into more of a balanced market. Hopefully for homeowners here this Spring will do just that.
John & Vicky Schroeder -Restaino & Associates REALTORS®
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