Mid-Year Market Update 2018

Posted by Shawn Kriewaldt. on Friday, August 3rd, 2018 at 1:04pm.

What does our market look like currently in comparison to last year at this time? Here are the numbers to watch.

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Here are the latest mid-year statistics from our Dane County market.

In June of 2018, we had more than 11% fewer closings than we did in June of 2017. While that seems like a big difference, average and median prices have increased by 7% for June sales.

In our current market, we have about 1.87 months of inventory for homes and condos in Dane County. In a healthy, balanced market, we would have around 6 months of inventory. This level of inventory is lower than it was in June of last year, and that was even lower than June of 2016, when it was 2.4 months of supply. This shows us that we are still in a market where houses are selling quickly and sellers definitely have the upper hand. 

From January to June of 2018, we had 3.4% fewer sales in residential condos and houses than we had for the same period in 2017. While fewer sales seems like a bad thing, pricing has actually significantly increased in the past year. The average sales price and the median sales price are up nearly 6% each.

 

We are still in a market where sellers have the upper hand.

 

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Now you ask, "so what does this all mean?"

If you are planning to sell, it is still a great time to list; just be sure to price your home correctly so that you can get the most offers you can. For buyers, even though sellers have the advantage in the market, there's no need to be scared as long as you have a game plan and an experienced, dependable Realtor. 

Another plus for buyers is that interest rates are favorable and remain near all-time lows!

If you're in need an experienced and dependable Realtor, please feel free to reach out. I hope to hear from you soon.

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