Home sales remained slower for the month of February, and fell slightly from this time last year too. This is due in part to the low supply of homes in our area. Inventory continues to be a problem for would-be home buyers, but should hopefully start to ease, with the busier spring market starting to ramp up.
Inventory continues to be an issue in Dane County. With tight inventory, homes tend to sell quickly, especially lower – average priced homes. Competition for these homes tends to be high and buyers should be prepared to write competitive offers and willing to negotiate.
The average sale price of homes in Dane County remained steady in the $320,000 range, an increase of over $13,000 from last year. Low supply will likely keep the average sale price of homes on the high side, but thanks to lower interest rates, affordability is still very good in our area.
Interest rates across product categories saw very little change over the past month. Lower interest rates continue to help with affordability for potential buyers. 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.