December 2018 Dane County Real Estate Update

Posted by Dan Miller, REALTOR on Tuesday, January 15th, 2019 at 10:10am.

Here's a quick look back at the December Dane County real estate market, for both single family homes and condos. Let's jump right into it...

Dane County Single Family Home Update - Dec 2018

New Dane County single family home listings were the lowest ever for the month of December. A total of 211 new listings entered the market, a decrease of 12% from the year before. 

A low influx of new listings is keeping the inventory of active listings low, too. As of January 11th, only 1.5 months of supply were available for sale on the open market. 

 Dane County Single Family Home Supply Dec 2018

Last month, a total of 265 accepted offers were recorded in the MLS - a decrease of 17% from the 321 accepted offers recorded in December of 2017. 

Accepted Offers Dane County Homes Dec 2018

This historical view of accepted offers shows accepted offer activity has decreased 4 of the last 5 months. 

Single family home sales were also lower in December. A total of 347 homes were sold via the MLS, which was a decrease of 11 percent from a year ago.

Home prices continued to rise due to low supply. The price per square foot reached a new high for the month of December, and was up 7% from the year before. 

Dane County Home Prices Dec 2018

Dane County Condo Update - December 2018 

A total of 62 Dane County condo listings were posted to the MLS in December, which was the second lowest on record for the month. 

Dane County Condo New MLS Listings Dec 2018 

Only 1.4 months of condo inventory were available for sale on the MLS as of January 14th. The under $250,000 market is especially hot right now, with a high percentage of these listings under contract. 

January Dane County Condo Supply Jan 2018

Accepted offers in December were slightly above the number of accepted recorded in December of 2017. 

Dane County Condo Accepted Offers Dec 2018;

Condo sales decreased by 6% in December. 

Dane County Condo Sales Dec 2018

The price per square foot increased dramatically in December, although the numbers are a bit deceiving. This large jump was due to the first 11 luxury condos to sell at Waubesa Shores in McFarland. Without these sales the price per square foot would have been much more in line with recent trends. 

Dane County Condo Prices Dec 2018

What should we expect from the Dane County market in 2019? 

We're predicting this year will be a more balanced market, characterized by a moderation in sales, an increase in days on market, and a moderation in price growth. Our team is here to help you make sense out of the changing market in 2019. Reach out to us anytime you have questions or need help. We'll be ready and able to serve in the weeks and months ahead. 

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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