Market Update – September 2020
Single family and condo homes sales were down about 6% compared to the same time last year. Undoubtedly, this is due to the lower inventory of homes for sale that our market continues to deal with.
Inventory remains low for single family and condo homes in Dane County. Prior to COVID affecting real estate sales (and practically everything else in our lives) inventory was already low in the Dane County area. Even though sellers are starting to return to the market, inventory is tight and buyers face competition for the homes that are available.
The average sale price for sold homes over the past month was $349,903. As expected, this is an increase from the same time last year. Interestingly, this number was actually a decrease from last month. July’s average sale price for sold homes was $361,520.
Interest rates fluctuated a bit throughout August, with some marginal increases for some products, but overall rates remain at historic lows, increasing affordability for home buyers.
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.