One of the most common questions realtors get asked is, “How is the market?” Now that we have June's stats, let me give you an update.
We are currently in a seller’s market, meaning sellers definitely have the advantage over buyers. This is measured by our level of inventory, or absorption rate. It’s a measurement of how long (given the numbers of sales over the past year) it would take all the homes currently on the market to sell if no more were listed or expired. While a balanced market is around 6 months inventory, we currently only have a 2.37 month supply in Dane County.
Compared to this time last year, we have 300 more homes on the market and 74 more homes sold. They are also selling an average of eight days quicker. The average days on market in Dane County is now 52 days.
We are currently in a seller’s market.
In terms of condos, we have seen 45 fewer condos listed this year, but 50 more have sold compared to last year. The average days on market for condos is also down considerably - about 19 days.
What does this mean? If you’re a seller, you have the upper hand as long as you price correctly and have the right strategy. For buyers, it’s extremely important to set an appointment and do a consultation with your Realtor. As a realtor, we want to listen and find out what your goals are so we can match our motivations in order to get the home you want. You’ve got to be able to act quickly and decisively in a climate like this.
If you have any questions, give us a call or send us an email. We would love to hear from you.