The flooding we experienced in August and September has negatively impacted single family home sales this fall, but overall sales activity remains strong for this time of year. Inventory remains low, and we expect it to stay low for the foreseeable future. As Dane County's population continues to grow, new homes and condos aren't being built fast enough to keep pace with demand, and prices continue to rise.
Mortgage rates have risen slightly this year and are expected to rise more in 2019. For this reason we expect prices to increase at a more subdued pace in the coming year. Stay tuned for our upcoming predictions for the 2019 real estate market, which we'll be releasing soon. In the meantime, here's a quick look at the latest real estate trends in Dane County.
Dane County Accepted Offers
Most closings occur 30 to 60 days after an offer is accepted, which is why we like to track accepted offers. They offer a good preview of the expected sales activity in the months ahead. Lately, AOs for single family homes have been trending lower. In October, accepted offers for Dane County single family homes decreased by 7% from the previous October, after decreasing by 10% in August and 16% in September. Still, October's total was the 3rd highest on record for the Dane County market.
Accepted offer activity for Dane County condos has been very robust. AOs reached a record high in the month of October, after increasing by 31% in the month of September.
Dane County Sold Listings
Single family home sales decreased 3% in October after decreasing 17% in September. Keeping this in perspective, home sales were the second highest on record for the month of October. On a year-to-date basis, single family sales are down 3% from 2017.
Condo sales reached a new high for the month of October, increasing 32% year-over-over. On a year-to-date basis, sales were even with the totals from 2017.
Dane County New MLS Listings
New single family home listings increased by 10% in October after increasing by 10% in September, too. However, on a year-to-date basis, new listings remain historically low and are down 2% from 2017.
New MLS condo listingsincreased in the month of October, but remained low by historical standards. New condo listings have actually decreased by 3% through the first 10 months of the year.
Dane County Inventory
Single family home supplyremains very tight, especially for properties priced below $350,000. As of November 9th, there are only 2.2 months of inventory available across all price ranges. Inventory ranges from 1.3 to 1.7 months for properties priced under $350,000.
Dane County condo supply is even tighter, especially for condos priced below $250,000. As of November 9th, there are only 1.7 months of supply available for sale across all price ranges. Supply ranges from 1.0 to 1.2 months for condominiums priced under $250,000.
Dane County Prices
The single family price per square foot was up 7% in October and up 6% year-to-date. Prices continue to set record highs in the Dane County market.
The Dane County condo price per square foot was the 3rd highest on record for the month of October. On a year-to-date basis, condo prices are up 5% from 2017 and also at record highs.
Do you have questions about how current market trends will impact your real estate goals in 2019? Contact your favorite Mad City Dream Homes agent to set up a short consultation.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred