View the current housing market status for the Dane County, Wisconsin area. We break it down by residential properties sold per price range for single-family homes and condos, along with their average sales price.
October 23, 2019
Dane County Real Estate Market Update
For the month of September, the number of sales in Dane County were 2% above 2018 numbers at 602 sales. Year-to-Date (Jan-Sept) sales totaled 6,124 which is a reduction of 3.3% from the same time period last year. Inventory continues to tighten at 2.3 months across all price sectors. Homes priced under $350,000 have even less inventory starting at under 1.6 months. According to the National Association of REALTORS®, national inventory is just over 4 months and a balanced market is considered to be around 6 months
Dane County experienced another increase in sales price in September, up 7.6% from September last year. Year-to-date, the Median Price is $295,000 up from $279,837.
Across the region, median price varies dramatically. Year to date Median Sales Price in Lafayette county was $124,500, while Dane County was the highest. An increase of 6.8% is the average across the 16 counties.
As of October 10th, per Freddie Mac a 30 Fixed Rate mortgage was 3.57%. Despite the economic slowdown, the consumer side of the economy remains on solid ground. The 50-year low in the unemployment rate combined with low mortgage rates has led to increased demand, especially from entry-level buyers. The first-time homebuyer share of the loans Freddie Mac purchased in 2019 is 46%, a 2-decade high.
Basic supply and demand economics can explain many of the challenges facing the housing market in South Central Wisconsin. Supply is 40% of what it was pre-recession, while demand has increased due to high employment rates, competitive financing, and pent up demand from the recession. Housing that is traditionally seen as more affordable (under $350,000) faces an even steeper challenge, although updates to FHA’s lending guidelines on condominiums, which go live on October 15th, may create an opportunity to increase supply in this area.
(as reported by SCWMLS for the month of September 2019)
As you can see from our report, properties are desperately needed! Inventory is very low. Have you considered selling your home? Contact NHM today for your free no-obligation market valuation and learn what your home could be worth in today’s seller’s market!