Dane County July and August Real Estate Update

Posted by Dan Miller, REALTOR on Tuesday, August 20th, 2019 at 7:24pm.

Here's our quick update on the latest real estate trends in Dane County. How does the current market impact you and your real estate goals? Reach out to us for a short conversation. 

Dane County Home and Condo Prices

Dane County single family home prices reached an all-time high in July. Prices increased by 1% in July and were up 2% year-to-date. 

 Dane County Single Family Home Prices July 2019

Dane County condo prices were also at an all-time high, increasing by 8% in July and 4% year-to-date. 

Dane County Condo prices July 2019

Dane County Accepted Offers

Single family home accepted offers decreased by 7% in July and were lower by 5% year-to-date. Still, buyer activity in July was quite strong when compared to each July over the last 20 years. 

 Dane County single family home accepted offers July 2019

Accepted offers for condos decreased by 6% in July and were lower by 9% year-to-date. Right now demand far exceeds supply in the Dane County condo market, especially for condos priced under $300,000. 

Dane County Condo Accepted Offers July 2019 

Sold Listings

Home sales increased by 1% and were lower by 3% year-to-date. July of 2015 was the only month of July to have a higher sales figure over the last 20 years. 

Dane County Sold Single Family Listings July 2019 

Condo sales decreased by 8% in July and 7% year-to-date. Low inventory is limiting sales in the Dane County condo market. 

Sold Dane County Condo Listings July 2019 

Inventory

Currently, there are 2.2 months of single family home supply in Dane County, and one-third of all listings are under contract with an accepted offer. Homes priced under $350,000 are in highest demand in Dane County. 

 Dane County Single Family Home Inventory August 2019

Right now there are only 1.9 months of condo inventory in Dane County. Thirty-six percent of all condo listings are currently under contract. Listings priced under $300,000 are in greatest demand. 

 Dane County MLS Condo Supply August 2019

New MLS Listings

New MLS listings were lower by 6% in July and were down by 9% year-to-date. MLS listings continue to enter the Dane County real estate market at a slow pace. 

New MLS Listings Dane County Homes July 2019 

New condo listings were up by 5% in July and lower by 4% year-to-date. Right now new listing activity is not enough to satisfy demand in the Dane County condo market. 

New Dane County Condo MLS Listings July 2019 

Days on Market

The days on market for single family homes increased by 3 days in July and were higher by 5 days year-to-date. Still, Dane County homes are selling very quickly when compared to most other years in the recent past.  

 Dane County single family home marketing times July 2019

The days on market for condos decreased by 6 days in July and 7 days year-to-date. Condos continue to sell quickly in Dane County. 

Dane County Condominium Days on Market July 2019 

Expired Listings

Single family home expired listings increased by 12% in July and were up by 20% year-to-date. Although expired listings are increasing, they remain quite low when viewed from an historical perspective. 

Expired Dane County Single Family Home Listings July 2019 

Expired condo listings also increased in July and were up by 23% year-to-date. Expired listings are increasing, but continue to trend near historically low levels. 

Expired Dane County Condo Listings July 2019 

Putting it All Together

Accepted offers and sold listings are down from the year before, but inventory remains low, and prices continue to rise. With this in mind, buyer demand always decreases each autumn compared to the spring and summer months. Sellers lose some of their leverage in the fall as more opportunities open up to buyers. 

Of course, the real estate market in Dane County does vary significantly by property type, price range and location. If you have questions about the market for your individual property, or how to achieve your home-buying goals, please feel free to contact us anytime for a short consultation. We'll be happy to meet with you, learn more about your individual situation, and share our honest professional opinions. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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