Many folks who are new to the Madison real estate scene are unaware that there is an East and West side to the city and both offer great Madison values! Generally separated by Lake Mendota and Lake Monona and split on the isthmus dividing the two Madison lakes, both sides have a variety of homes in all price ranges allowing most Madison real estate buyers to find the right home at the right price. Here are some interesting statistics for buyers representing Madison values in the first six months of 2011.
Madison Values: Home Size Matters
East side homes in Madison on average tend to be a little smaller in terms of total finished square feet. Total square feet includes finished square feet above and below or partially below grade. East side homes average about 29% fewer square feet than West side homes. The average for West side homes was 2,154 square feet, while the average for East side homes was 1,539 for a difference of 615 square feet or about the size of a couple 17’ x 17’ rooms. So in terms of Madison Values, slightly larger homes can be found on the West side.
One explanation for this is that West side homes tend to have more below grade space finished than do East side homes. Many older Madison properties were not built with “family rooms” per se but rather had “rec rooms” in the basement with tile floors, painted concrete walls and maybe an acoustic tile ceiling. These were great places for the kids to play but are not considered “finished space” by today’s real estate standards. Madison values change with the times.
The Ages of Madison Homes
How does the age of a home affect Madison values?The West side of Madison was developed later than the East side so it is not surprising that the median age of West side homes is 37 years while the median age of East side homes is 46 years. New construction is about the same on the East and West sides, but if you like older homes, then the East side will have the most to choose from especially in 60-year plus range.
If you are looking for Madison values built within the past 10-20 years, then the West side is your best bet as nearly twice as many homes were built on Madison’s West side in that age bracket than on the East side.
List Prices Definitely Impact Madison Values
List prices for Madison property on the West side averaged higher than the list prices for homes on Madison’s East side: about 67% higher in fact. This is explained at least in part by homes being relatively larger and newer on the West side. But from an economic standpoint, homes on Madison’s East side are, on average, less expensive.
Sold Prices for Madison Real Estate Can Affect Madison Values
Higher list prices tend to push sold prices up so it is no shock that Madison values on the West side are, on average, selling for more than homes on the city’s East side. In fact, the average sold price for a home on the East side is 40% lower than the average sold price for West side homes. Again, this is likely due to homes being a little smaller and a little older on the East side. So if you are looking for some of the best Madison values, you’ll want to check out the East side.
So now we come down to it. Where will you find the best Madison values: East or West? When I work with clients, it is important to know everything they are factoring into their “value” equation. There are lots of components to that decision, including schools, proximity to work and shopping, the neighborhood, relative property values, the list goes on. And, while “value” is largely a subjective decision every homebuyer must make, one of the considerations is going to be the cost per square foot of finished square feet above and below grade.
Here’s The Scoop: Madison Values from a Cost per Square Foot Basis
According to my proprietary algorithm, on average, West side homes in Madison have sold for $148/finished square foot above grade and $49/finished square foot below grade. East side Madison homes have, on average, sold for $121/finished square foot above grade and $40/ finished square foot below grade.
It appears that from an average cost perspective, Madison homes on the East side cost a little less per finished square foot than Madison homes on the West side. On a 1,800 square foot above grade home, this could be as much as $48,600.
Nelson & Associates Can Provide You with In-Depth Analysis of Madison Values
When you work with a Madison Broker, you want to work with someone who not only understands the market, but can use that understanding to help you maximize the value of your Madison homes purchase. Jon Nelson is an MBA and principal broker of Nelson & Associates REALTORS and will be happy to work with you to find the right home at the right price. Call today for a free Madison homes consultation.
Jon Nelson, MBA CRS, ABR, GRI, SRES, SFR Principal Broker/Owner Nelson & Associates REALTORS www.MadisonREALST8.com [email protected] 608-438-5230
Madison values are available East and West!