Eau Claire Real Estate Market Update: 1st Qtr 2008

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All the sales stats for the first quarter of 2008 are in, and the differences in real estate trends between the various areas of Eau Claire continue to fascinate me. Many people in Eau Claire have found that there is a premium for homes in the South end of the city. Here are some highlights of an analysis I am working on to prove (or disprove) this theory:

 

Eau Claire's South Side -- Still Hot!

  • 66 Residential homes sold in 1st quarter 2008
  • 54 Residential homes below 200k sold in 1st quarter 2008
  • 12 Residential homes above 200k sold in 1st quarter 2008
  • Average Selling price of about 160k
  • Average Days on Market: 148

 

Eau Claire's West Side: Sales Cool

  • 35 Residential homes sold in 1st quarter 2008
  • 29 Residential homes below 200k sold in 1st quarter 2008
  • 6 Residential homes above 200k sold in 1st quarter 2008
  • Average Selling price of about 145k
  • Average Days on Market: 139

 

Eau Claire's North Side: Affordable

  • 50 Residential homes sold in 1st quarter 2008
  • 46 Residential homes below 200k sold in 1st quarter 2008
  • 4 Residential homes above 200k sold in 1st quarter 2008
  • Average Selling price of about 114k
  • Average Days on Market: 94

 

It seems as if many first time homebuyers are choosing the North Side. I say this because the average sales price is realtively low, as is the DOM. This indicates to me that fewer people need to sell another house before buying on the North Side.

The fact that the DOM for South side homes is higher (along with the selling price), may indicate that people migrate to the South Side for their 2nd or 3rd home purchase.

Some of the data may be skewed if the South Side has the largest geographical area.

Data was pulled (and in some cases averaged) from the Northwestern Wisconsin MLS system and includes residential properties sold between 1/1/08 and 3/31/08.

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