It's true, buyer activity has decreased in recent months, but seller activity has decreased noticeably, too.
Take single family homes, for example
Through the first 8 months of the year, new single family home listings are entering the market at the slowest pace since the year 2000, with the slowdown in new listings increasing noticeably in July and August.
And Dane County condos
Through the first 8 months of the year, new condominium listings are entering the market at the slowest pace since 2002. Similar to homes, the slowdown in new condominium listings has accelerated in July and August.
Where will the Madison area real estate market go from here?
We encourage you to read our blog post, Why Dane County real estate will remain a solid, long-term investment. But to summarize, it's all about supply and demand.
Supply will remain low because home and condo construction is insufficient, foreclosures are scarce, and many homeowners with low mortgage rates are reluctant to sell now that interest rates have risen above historic lows.
At the same time, demand will remain strong because Dane County's population and national reputation keep growing, as an increasing number of people move here for economic, quality of life, and climate-related reasons.
No one can predict the future with certainty, but for these reasons we expect Dane County home and condo prices will remain elevated. So perhaps the question going forward isn't, when will prices fall? Perhaps the better question is, will there ever be a better time to buy?
We're always available for your questions, and we would love to help you plan for your future. Please reach out anytime for a helpful conversation.
