What do the stats show the market is like this year compared to last year? Here are the numbers to watch.
Here are the latest mid-year statistics from our Dane County market.
In June of 2018, we had over 11% fewer closings than we did in June of 2017. While that seems like a big difference, average and median prices have increased by 7% for June sales.
Currently, we have about 1.87 months of inventory for homes and condos in Dane County. In a healthy, balanced market, we would have around six months of inventory. This shows us that we are still in a market where sellers have the upper hand and houses are selling quickly. This level of inventory is lower than it was in June of last year, and that was even lower than June of 2016, when it was 2.4 months of supply.
From January to June of 2018, we had 3.4% fewer sales in residential condos and houses than we had for the same period in 2017. While fewer sales seems like a bad thing, pricing has actually significantly increased in the past year. The average sales price and the median sales price are up nearly 6% each.
What does this all mean?
If you are planning to sell, it is still a great time to list; just be sure to price your home correctly to get the most offers you can. For buyers, even though sellers have the advantage in the market, you do not need to be scared as long as you have a game plan and an experienced, dependable Realtor.
Also – Interest rates are favorable and remain near all-time lows!
For any questions you have about your specific area, please feel free to reach out to me. I hope to hear from you soon.