View the current housing market status for the Madison, Wisconsin area. We break it down by home sold and those currently active in our Multiple Listing Service (MLS). This report also features the average home sales price and the type of financing utilized by homebuyers.
October 15, 2018 — Dane County Real Estate Market Update
September was cooler throughout much of the region served primarily by the South Central Wisconsin MLS.
Prices continue to rise in Dane County and throughout the region. The supply of active listings is currently 2.26 months – up from 2.11 months in August 2018 and 2.18 months in September 2017. While these are modest increases, they are increases nonetheless for the 4th consecutive month after 4 1/2 years of decreasing supply.
Generally 6 months of active inventory is considered a balanced market between buyers and sellers. A figure of less than 6 months is deemed to favor sellers; greater than 6 months is seen to favor buyers.
After having held relatively steady throughout most of the year, 30-year fixed rate mortgages took a climb since last month to 4.9% as of the end of last week. Even with this rise, rates continue to be at historic low levels.
We will be monitoring closely the trends and indicators for the direction of the market for the remainder of the year. The increase in mortgage rates, along with the increase in prices, may be responsible for some downward pressure on purchase demand ― especially for buyers with tight budgets. On the other hand, economic conditions of low unemployment, increased job creation and rising household incomes are all good signs in supporting housing demand. While we are entering a normal seasonal slowdown in the market, we anticipate continued homebuyer interest.
Properties are needed! Are you considering selling your home? Contact NHM today for a free no obligation market valuation!