The real estate market for ranch homes smaller than 1,350 sq.ft. between 20 and 60 years of age is moving along. The neighborhood is defined as center avenue to the east and the Rock river to the west and north. There still is a good supply of bank owned properties available in Janesville. Median sale prices have been inching upward through 2011. 49% of sales of properties were bank owned properties and 25% of current active listings are bank owned. There is 8 months of inventory of homes and the number of sales have remained relatively stable. Active listings range from $44,900 to $175,000. Sales have ranged from $29,900 to $127,000. Talk about affordability. Very competitively priced homes and discounted properties are selling the quickest. Current interest rates have minimized buydowns and concessions. Most homes in the area sell with conventional and goverment sponsored financing. Market exposure time for the subject as derived from the MLS and historical data is estimated to be 3 to 6 months, with discounted homes selling quicker.
January 22, 2012