As a real estate agent, one of the most common questions we get asked is, “How is the market?” The June numbers are in, and we are here now to give you an update.
We are currently in a seller’s market, meaning sellers have the upper hand. This is measured by our level of inventory, or absorption rate. It’s a measurement of how long (given the numbers of sales over the past year) it would take all the homes currently on the market to sell if no more were listed or expired. A balanced market is around six months of inventory. Right now in Dane County, we only have a 2.37 month supply.
Compared to the end of June last year, this June we had 300 more homes on the market and 74 more homes sold. They are also selling an average of eight days quicker. The average days on market in Dane County is now 52 days.
Moving onto condos, we have seen 45 fewer condos listed this year, but 50 more have sold compared to last year. The average days on market for condos is also down considerably – about 19 days.
What does this mean? If you’re a seller, you’re at an advantage as long as you price correctly and have the right strategy. For buyers, it’s imperative to set an appointment and do a consultation with your Realtor. For us, we want to listen and find out what your goals are so we can make our motivations match in order to get the home you want. You’ve got to be able to act quickly and decisively in a climate like this.
If you have any questions, give us a call or send us an email. We would love to hear from you.