What’s the latest news on our Dane County market and beyond?
Much like the last few months and years, we’re seeing a scarcity of inventory in certain segments of our market. Conditions continue to bode well for sellers, but we’re also seeing some changes that may signal greater opportunities for buyers.
Recently, Dane County has seen an uptick in the number of homes on the market, both in terms of single-family homes and condos: 1,000 single-family properties and 225 condos are currently listed.
Another recent development is homes are spending more time on the market. For single-family homes, the average days on market is 67 days, and the average condo is sitting on the market for a little over 120 days.
I’m constantly being asked about inventory and justifiably so. The amount of inventory we have is a prime indicator of whether we’re in a seller’s market, a buyer’s market, or a balanced market. We’re firmly in a seller’s market at the moment, and though our inventory situation is showing modest signs of going the opposite direction or toward a balanced state, we’re still nowhere near where we’d like to be.
In the up-to-$200,000 price point, we have just 0.85 months’ worth of inventory, which means homes priced around there are flying off the market. When we move up to the $200,000 to $350,000 range, inventory is slightly higher with 1.4 months’ worth. Inventory doubles in the $350,000 to $500,000 range, and rises still in the luxury market to 5.3 months’ worth.
As for median sales price, single-family homes are selling for $319,000 right now. Contrast that with the median price for these homes in the spring, which was $300,000. The median sale price for condos has slightly increased to $200,000.
Now, I know not everyone lives in or is focused on the numbers for Dane County, so let’s quickly run through the numbers for the larger South Central Wisconsin region:
- Regional inventory is at 2.8 months’ worth
- Regional median sales price for single-family homes has fallen a bit to $232,000
- Regional median sales price for condos is at about $190,000
Lastly and surprisingly, our interest rates are still unbelievably low: They’re currently sub-4% for a 30-year fixed mortgage. Even as home prices increase, it’s still a great time to get into a new home and secure an interest rate in the low-4% range.
If you’re a seller who’s looking to move up, our current market is rife with opportunities to do so. You’ll find that conditions are favorable to sell your home, and the availability of homes provides more flexibility for you as a buyer as well.
If you have any questions about the area’s real estate market or if there’s a topic you’d like me to feature on a future video, reach out to me by phone at 608-345-6594 or by email at JDHolt@KW.com. I look forward to hearing from you!