Market Update – February 2020
Home sales fell off significantly for the month of January, though if we look at historical data it seems to be pretty typical of this time period. This time of year is generally the “calm before the storm” as home sales ramp up heading towards the busy Spring and Summer markets.
Inventory in Dane County has eased slightly over this time last year, but is still hovering around the two month mark. With inventory tight, the market favors sellers, and buyers should be prepared to write competitive offers if they want to snag the right home for them.
The average sale price of homes in Dane County dropped a little from last month, but is largely unchanged from the same time last year. Homes are still selling for at, or near, list price. Last month’s sale/list price ratio was 97.89%.
Interest rates in most categories fell slightly as of the time of this update. Lower interest rates are always good news for buyers, and most banking experts are predicting that interest rates will remain stable during 2020, with no significant increases predicted.
Market conditions are always subject to change, and frequently do throughout the year. At Restaino & Associates ERA Powered, our agents are experienced at navigating our local market. They are your best bet when looking to buy or sell your next home!
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.