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.
September 16, 2019
Dane County Real Estate Market Update
Sales of single-family homes and condominiums in Dane County for August 2019 were 820 – the 7th time on record that the monthly total exceeded 800. This is 7.3% below last year’s total. Year-to-date, total sales are 3.9% fewer than 2018.
New listings in Dane County were down 3% in August compared to 2018. Year-to-date, new listings in are 280 fewer than last year (-4%). The supply of active inventory continues to be lean – just 2.2 months – but basically unchanged from 1 year ago. The shortage is particularly acute in the price range of less than $200,000 (1.3 months) and $200,000 – $349,900 (1.6 months) – generally considered to be entry and mid-level markets. Generally, a 6-month supply is considered to represent a balanced market between buyers and sellers.
The median price for the month of August rose 6.8% in Dane County compared to last year. Through the first 8 months of 2019, the median price has risen 5.4% to $295,000 compared to $280,000 for the same period one year ago. All regions reported monthly median sale price increases with the exception of Rock and Green Counties, which remained unchanged in comparison to 2018. Year to date median prices are up – ranging from 5.3% in the Rock and Green County region to 11.5% in the southwest region of Grant, Iowa and Lafayette Counties.
On September 12, 2019, Freddie Mac reported the interest rate for a 30-year fixed rate mortgage to be 3.56%, significantly below the rate of 4.6% at this time last year. A benefit of these low rates is added savings and purchasing power. However, rates increased on Friday to the 3.8% range – still an attractive rate. Some analysts are suggesting this is a short-term correction from recent historic lows.
We now enter the post Labor Day and post back-to-school market. The economy continues to add jobs. The Federal Reserve policies appear to be accommodating to the market, allowing mortgage interest rates to remain below 4%. Housing supply remains a hurdle – especially at entry and mid-level price points – where demand remains strong. Over the past 3 years, approximately 28% of the annual sales in Dane County have taken place in the last 4 months (32% across the entire region). We anticipate this to hold true again in 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!