Don’t let anyone fool you—now is a good time to put your home on the market in Dane County.
Now that we’re well into fall and getting closer to winter, I want to touch base with you about a couple of important points.
First, as Thanksgiving approaches, I want to thank my past and current clients and anyone who’s sent a referral our way.
When it comes to our Dane County market, if we look at the year-over-year numbers from last October, sales have dropped 3.9%, but the median price has risen 5.9% and currently stands at $295,000. This makes sense when you look at our overall inventory, which has decreased 4.3% and stands at 2.2 months.
Even now in November, we’re seeing buyers compete for homes. In fact, the number of purchased mortgage applications has risen 15% since October of 2018. This also makes sense when you consider that the average for a 30-year fixed-rate mortgage is just 3.78%.
This leads me to my next point: It’s a misconception that homes don’t sell during the winter months. Right now, we’re working with a bunch of buyers that we don’t have inventory for, and this isn’t a problem that’s unique to just my team—it’s happening all across our area. This means if you’re thinking about selling your home, some buyers will match with your home if you list it now.
It makes sense on paper to wait until spring to list, but in the $200,000 to $350,000 price range (where the bulk of the sales in our market occur), there are just 1.6 months of inventory. Below that, inventory is even lower. Even in the $500,000+ range, inventory stands at 4.7 months, which is still a seller’s market.
So keep these numbers in mind as we approach the winter months. If you have any more questions about our market or you’d like to list your home soon, don’t hesitate to reach out to me. I’d love to help you.