We've been sharing how Dane County home and condo inventory is quietly rising and how buyers who stay the course will find more opportunities to purchase in the months ahead. However, in the big picture, inventory remains low. Here's a quick look at Dane County home and condo supply as of June 27th, 2024.
Single family homes
As of June 27th, a total of 580 Dane County homes (or 1.5 months of supply) are available for sale without an accepted offer. Months of supply are low in all price ranges, especially in the sub $400,000 price categories.
Condos
As of June 27th, 181 condos (or 1.6 months of supply) are available for sale without an accepted offer. Some newer condo developments are improving options for buyers, but inventory remains tight across the board, especially in the sub $300,000 price ranges.
What to expect going forward
Although options are improving for buyers, there are many factors at play which point to plenty of buyer demand and heavy competition in the years ahead. One especially important trend to keep in mind is the large number of millennials who are aging into their peak home-buying years. Given this and other important trends, we do expect a competitive market for many years to come.
Advice for buyers
#1) Treat your search as a 12-months-out-of-the-year endeavor. You just never know when your best opportunity will present itself, so you need to be prepared to buy any time of the year.
#2) And be active, not passive, with your search. Perusing properties online can be interesting and fun, but it won't necessarily get the job done. A much more effective approach is to partner with a professional who will actively work your plan for you.
Advice for sellers
#1) Plan ahead and consult with a professional at least a few months before you plan to move. The market can vary a lot by time of year, location, and price range. Consulting with a pro will help you understand the market for your unique home.
#2) Planning ahead will also give you time to address important repairs, cosmetic updates, and your staging. You'll receive more offers and a better return on your investment when you give your home the time and attention it needs prior to putting it up for sale.
