Market Update – October 2019

October 5, 2019 /

Home Sales

The number of homes sold this past month has dropped off considerably as the market slows heading into the fall and winter months. Still, home sales for September this year have slightly exceeded the number sold last year. During the month of August, there were 810 new homes listed for sale and 718 new homes were listed for sale in September. Given that 817 homes were sold in August, and only 595 homes were sold in September, buyers will have a bit more to choose from if they start their home search during the Fall months.

 

Inventory

Inventory of single-family and condo homes in Dane County improved slightly last month. We are still in what is considered a “seller’s market”, but buyers who are hunting for a new home will have more to choose from now than they had over the summer months – or even this time last year.

 

Home Prices

The average price of homes sold in September was $317,734, which is up 2.5% from the same time period last year, but down 5% from last month. Homes are still selling for 98.56% of their list price, on average, but lower home prices combined with more available inventory bodes well for buyers searching for homes this Fall.

 

Interest Rates

Interest rates on mortgage products have remained relatively stable over the past month, and rates are still “borrower-friendly”. Most mortgage experts believe that this is unlikely to change much for the remainder of 2019. If you are in the market for a new home, now is a great time to buy.

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. 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.