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 condo prices were also at an all-time high, increasing by 8% in July and 4% year-to-date.
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.
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.
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.
Condo sales decreased by 8% in July and 7% year-to-date. Low inventory is limiting sales in the Dane County condo market.
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.
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.
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 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.
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.
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.
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 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.
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