Here's how Dane County single family home inventory is trending:
Available listings are up year-over-year, which is a result of fewer people buying in 2023. It's important to note that inventory is still very low from an historical perspective, and we're expecting supply to remain low and prices to remain strong for the foreseeable future. Right now there are only .8 months of inventory available in all of Dane County.
And here's the trend for condominiums:
There are actually fewer available condos for sale right now than there were a year. One of the big reasons for low condo supply is that very few new construction condos have been built over the last 15 years. Right now, we have only .6 months of condo supply available across the whole county.
What does the future hold for Dane County real estate?
Here in the Madison area, we foresee 2023 as another year of relatively strong demand, low supply, and high prices. Our 2023 predictions include plenty of supporting data and cover all of the reasons why Dane County real estate will continue to be an excellent long-term investment.
So, although you will see plenty of headlines suggesting the national real estate market is crashing, keep in mind these headlines are designed to create fear and drive online traffic. Instead, we encourage you to rely on trusted local sources for all of you local market information.
Our blog and newsletter are two local sources that are here to help you make sense of the Madison area real estate market. You can also call on us anytime for a helpful conversation. We're always available to talk real estate and help you plan for your future.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred