MADISON (WKOW) – Some Madison-area homes are selling in an average of 10 days or less, according to a local realtor.
"The market is amazing. It's exciting and full of energy right now," said Jenny Bunbury-Johnson, vice president of real estate company Bunbury & Associates. "Just about every listing I've put on the past month has sold in the first 10 days."
Bunbury-Johnson sold Ryan and Sara Brunker's west-side house in less than a week – and for more than what the couple paid for it in August 2008.
"They sold our house in four days, and the offer went through. Everything just went so seamlessly that it was shocking," Ryan Brunker said.
Maybe too seamlessly. The Brunkers move out of their first home on Monday, but their new house won't be move-in ready until August.
Last Tuesday, the Standard & Poor's Case-Schiller home price index had the biggest gains since 2006. Home prices rose in 20 cities in the U.S., a sign of a housing recovery.
Though Madison was not one of the cities tracked, local real estate agents such as Bunbury-Johnson say there's a similar trend here because of a low supply of available houses on the market and lingering fears from the housing crisis in 2008.
"People are used to hearing how bad the market is but it really is a strong market right now," Bunbury-Johnson said. "I think prices have gone up a little bit but I also think they've kind of stabilized. The prices people were trying to get two years ago are probably the price they're getting today -- it's just they're actually getting it. Before we'd put it on the market and it wouldn't sell."
The realtor says the rising housing prices feel more like a boost than a boom, but don't resemble a bubble.
"People are trying to be as conservative as they can in regards to pricing. I also think that buyers are also not willing to overpay for a house. They're not going to get too crazy into a bidding war," Bunbury-Johnson said. Though, she admits to listing homes at a few thousand dollars over market value to slow sales, especially if her clients don't have another home lined up yet.
Since the Brunker's new home in Mt. Horeb won't be ready till mid-August, the married couple is staying with Ryan's parents in the interim.
"How often does that happen?" Brunker said, laughing. "You sell your house and you gotta move in with your folks until you can take ownership of your new house."