Here’s what else the latest market numbers show.
The latest reports for our February real estate market are in, so today we’ll be going over what the numbers mean for buyers and sellers in Madison and Dane counties.
Compared to the previous year in Dane County, we saw a 4.6% increase in year-to-date sales through February. Over the same period, year-to-date prices have increased by 12.6%. Keep in mind that around this time last year, we were starting to move into the COVID-19 pandemic and saw the number of listings decrease. We’ve been at incredibly low inventory levels ever since.
Comparing this February to last February shows that Dane County prices are up 13.9%, but the number of sales has dropped by 1.8%. I predict we’ll see some interesting year-to-year numbers for March, as that’s when everyone pulled their house off the market last year. This year’s numbers will probably blow last year’s out of the water, at least initially.
We currently have 1,055 active listings in Dane County, but you may not be seeing the true inventory levels on aggregators like Zillow. Additionally, many of these homes already have accepted offers. So at the moment of this recording, there are really only 400 active listings in Dane County.
This year’s numbers will probably blow last year’s out of the water, at least initially.
There were 7,281 sales in the last year, and if we use the 1,055 number to calculate our supply, we see that we have 1.74 months’ worth of inventory. However, what’s truly available is much lower than that—in fact, it’s closer to 0.6 month’s worth.
In Madison County, there are 497 active listings; however, only 170 don’t have an accepted offer. Using the larger number gives us 1.45 months’ worth of inventory, but the smaller number puts us under a half-month of supply. You can see all these numbers with real-time updates using our online tool—just scroll down to the bottom and sign up to access the information.
If you have any questions or would like more information about buying or selling a home, feel free to reach out to me. I look forward to hearing from you soon.