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.
December 23, 2019
Dane County Real Estate Market Update
The housing market during the month of December was significantly more active than in 2018, averaging an 18% increase in the number of sales across our entire service area. Dane County saw an increase of just over 24%.
While impressive, these increases for the month of December did not serve to overcome the reduction in sales earlier in the year and 2019 finished at 16,199 sales in the region, down 1.7% from 2018. Dane County was down 1.4% which equals 114 sales.
The heavy market activity during the month of December served to further tighten the inventory across all regions. It appears that confidence in buyers continue to participate in a competitive housing market.
The National Association of REALTOR’S® 4th Quarter HOME Survey concluded that 63% of respondents nation-wide felt it was a good time to buy, while 74% of respondents felt it was a good time to sell a home. Confidence in the economy is a bit more balanced with 52% of respondents believing that the economy will improve in 2020.
Standing in contrast to the reduction in the number of sales, Median Price continues to rise. In our service area, the Median Price for 2019 was $234,000, 6.4% up from last year. Dane County also tracked at a 6. 4% increase, with a median price slightly higher at $295,722.
State-wide, according to the Wisconsin REALTORS® Association, the median price is $197,500, up 7.3% over last year.
(National numbers for year-end will not be available until next month, although an increase in Median Price is anticipated.)
Mortgage rates fell to the lowest level in thirteen weeks, as investors sought the quality and safety of the U.S. Treasury fixed income markets. The drop-in mortgage rates, combined with the strong labor market, should propel a continued rise in homebuyer demand.
Many economists now believe that instead of a recession in 2020, we will see a slow-down in economic growth. When considering the fact that single family or multi-family ownership options have failed to keep up with demand since the recovery began, we do not anticipate any significant decrease in the pressures on housing supply currently facing our housing market.
(As reported by the SCWMLS as of 1/23/20. Information is deemed reliable, but is not guaranteed and should be independently verified.)
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!