Property values in the Janesville area have stabilized over the last couple of years since the pull out of GM and a slow economy. There still is a downward trend in sale prices with a good supply of bank owned properties available in Janesville. In the neighborhood between Milton Avenue, Hwy 14, Hwy 90, and Hwy A the market 39% were bank owned sales and 24% of listings are bank owned. There is 8 months of inventory of homes in the subject market. Very competitively priced homes and discounted properties are selling the quickest. Current interest rates have minimized buydowns and concessions and most homes in the area sell with conventional 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.
February 19, 2012