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In the month of June 2010, Madison, WI the average sale price for single family homes rose 5.6% over those in May 2010 according to the Multiple Listing Service. May 2010 showed the lowest average home sale price of 2010 at $154,254.  As of noon today June 2010 closings were at an average of $162,911. 

Is this cause for celebration?  Possibly, but it is important to keep in mind that typically the first quarter of any given year represents the lowest average sale prices for homes in Madison.  Second quarter sales in recent years have DROPPED.  Historically, however, they've risen when the housing economy was healthy.  So the fact that 2nd quarter prices are averaging higher than first quarter is a promising sign.  Given the volatility of the global market, it is definitely too soon to tell.

Madison, Wisconsin will most-definitely remain a buyer's market for single family homes and condos for some time as the inventory is still significantly higher than five years ago. 

We will be providing more information on 2nd quarter closes here next week.  Stay tuned!