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This report covers the Dane County multi-family/residential income real estate market. The multi-family market consists of rental properties that have two or more units such as duplexes, four-units, and larger apartment buildings. The market for multifamily rental properties has changed drastically over the last few years. Please see the following links for more informaton on how we help you invest and how we help you sell your investment in today's market.
Average Price per Sold Unit
The average price per sold multi-family unit has increased in recent months compared to months past, as the average number of units per sold listing has decreased. The average per unit price was $78,694 for the 12 month period that ended on May 31st, compared to $73,451 from the prior 12 month period, an increase of 7.1%.
Average price per Sold Unit - Recent History
The price per sold unit grew from $65,643 in the year 2000 to $106,535 in 2006, an increase of 62%. The price per unit decreasd each of the next 3 years and ended the year 2009 at $77,670.
Inventory
As of June 30th, 1,761 Dane County multi-family units were listed on the South Central Wisconsin MLS. With 410 units selling over the prior 12 months, the months of inventory stood at 51.5 months.
Sold and Expired Units
The number of sold units has decreased in recent months compared to months past. The number of expired units has also decreased. A total of 410 units sold during the 12 month period that ended on May 31st, compared to 535 from the prior 12 month period, a decrease of 23.4%. A total of 1,792 units expired during the 12 month period that ended on May 31st, compared to 1,881 during the prior 12 months, a decrease of 4.7%. Only 8 listings totaling 21 units and $1,850,400 sold in May of 2010.
Sold and Expired Units - Recent History
The number of sold multi-family units peaked in 2002 and 2005 with 1,077 and 1,068 units sold, respectively. The 463 units sold in 2009 was the lowest total of the decade. Expired units grew every year from 2003 to 2007, then decreased in both 2008 and 2009.
Units per sold listing
The number of units per sold listing has decreased in recent months compared to months past, as a greater proportion of multifamily sales have gone toward duplexes. During the 12 month period that ended on May 31st, the units per sold listing averaged 2.9, compared to 3.8 from the prior 12 month period.
Units per sold listing - recent history
The units per sold listing ranged between 2.8 and 3.5 during the years 2000 through 2006. The average jumped higher in 2007 and 2008 and then down to 3.2 in 2009.
Listing Success Rate
The listing success rate has decreased in recent months compared to months past. The success rate was 18.6% for the 12 month period that ended on May 31st, compared to 22.1% from the prior 12 month period.
Listing success rate - recent history
Success rates have decreased every year dating back to 2005.
Related Articles
Multifamily investment termsHow we help you invest in multifamily real estateHow we help you sell multifamily real estate
About Us
This information is provided courtesy of Dan Miller and Shawn Kriewaldt of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact Dan at 608-852-7071 (danielmiller@kw.com) or Shawn at 608-212-5743 (shawnkriewaldt@kw.com). Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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