Market Update – July 2020

Home Sales

Home sales in Dane County remained lower this month than this time last year. In June of 2019 there were 962 single family and condo homes sold. This past month saw 779 single family and condo homes sold, representing a 19% decrease.

Inventory

One of the driving factors behind decreased home sales is low inventory. Inventory for single family and condo homes in Dane County remained largely unchanged from last month, and continues to hover around two months of supply.

Home Prices

The average sale price of single family and condo homes in Dane County for June of 2019 was $345,740. The same value for June of this year is $351,753. This is a slight increase of 1.7%

Interest Rates

Interest rates remain attractively low, prompting more buyers and those looking to refinance. Lower interest rates positively impact affordability, which can attract more buyers to the market, further tightening inventory.

Market conditions are always subject to change, and frequently do throughout the year. We are closely monitoring our ever-changing market conditions, even as they are driven by current events. At Restaino & Associates ERA Powered, our agents are experienced at navigating and adapting to a fluctuating 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.