The Dane County real estate market got off to a sluggish start during the first 3 months of the year, as single family home accepted offers decreased by 15% from the year before. However, buyer activity picked up significantly in the month of April. Here's our update on the latest real estate trends in Dane County.
Accepted offers
Buyer activity in April was more in line with what we expect to see in a spring market. A total of 680 single family home listings received accepted offers in April, down just 4% from the year before.
New listings
New single family home listings continued to enter the market at a slow pace, which is great news for sellers. New listings decreased by 9% in the month of April and 10% year-to-date.
Months of Inventory
Our inventory snapshot taken in the middle of May shows single family home supply is especially tight in the $150,000 to $300,000 price range. Well over 50% of the listings in this price range have accepted offers. Months of inventory are very low, with less than 1 month of single family home supply for listings priced between $150,000 and $300,000.
Average price
Dane County home prices set a new record in April and increased by 5% from the year before. Prices are up by 4% year-to-date.
Price per square foot
The price per square foot also reached a new high in the month of April, increasing by 1% for the month and 2% year-to-date.
Home Sales
Due to lower buyer activity during the first quarter, closings decreased by 8% in April and 7% year-to-date.
Days on Market
Days on market have increased each of the first 4 months in 2019, and are up by 6 days year-to-date.
Need more information on your local real estate market?
Contact your go-to Mad City Dream Homes REALTOR, and stay tuned for our Dane County condo update, which we'll be publishing very soon.
