The number of home sales has trended slightly downward over the summer months. This is typical of our market and can result in better odds for buyers who missed out during the fast-paced and highly competitive spring/early summer months. Overall, there were slightly fewer homes sold over the past three months this year, than in 2018. The month of July is the exception, with equal numbers this year and last.
Inventory in Dane County continues to hover around the “2 months of supply” mark. This is well below the average of 6 months of supply typically seen in balanced markets and indicates a continued seller’s market in our area. This has remained largely unchanged from last year, as Dane County continues to struggle with inventory for hopeful buyers. Last month saw a slight increase, however, which may benefit buyers who’ve struggled to find the right home over the summer months.
The average price homes are selling for has increased slightly over last year, with July being the exception again. Typical of a seller’s market, homes are selling at, or near list price. Sale price to list price ratios range from 98.86% – 99.74%, with higher percentages seen in June and July.
Interest rates on mortgage products continued to fall over the past month. Compared to early year predictions by industry experts, they are hovering about 2 percentage points lower than expected right now. The same industry experts are predicting that rates will begin to climb again in the last half of 2019, but clearly, they can be wrong and we’ll have to wait and see what comes to pass.
Market conditions in real estate can change quickly and unpredictably at times. Your best bet for navigating any market is to have a trusted agent on your side of the table. If you have questions about buying or selling, please contact us today!
Data is based on Single Family and Condominium homes in Dane County, Wisconsin. All of the data represented is courtesy of the SCWMLS system and its participants. No guarantee is made to the accuracy of this data, and data maintained by the MLS does not necessarily reflect all real estate activity in the market.