Market Update – August 2020
Home sales in Dane County, for single family and condo homes, remained lower this month than this time last year. Home sales were down almost 100 units, or about 10%, which is likely due to our area’s persistent inventory shortage.
Inventory remained steady (though low) for single family and condo homes in Dane County this month. With inventory sitting at just under 2.5 months of supply, competition for homes can be fierce – especially in the average home price range.
The average sale price for sold single family and condo homes in Dane County this past month was $361,520. That’s a $38,287 increase over the same time period last year, and an almost $10,000 increase from just last month. Competition for homes is driving prices higher.
Interest rates fell even lower in many product categories, prompting more buyers and those looking to refinance into the market. With more buyers entering the market, competition for limited housing inventory increases.
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.