Here is everything you need to know about the Dane County market in August.
What is happening with the Dane County market? Things are changing in our local real estate, and we have the latest data for you here today.
In our entire market, we’ve seen sales decrease for the seventh consecutive month by 6%. In Dane County specifically, we’re down by 7%. This has helped to stabilize prices in the county, which are holding steady at just below $400,000. That’s 12.6% higher than it was in 2021. Year to date, the average price is $428,488—an increase of 10.2%.
While these prices have been decreasing, inventory is still a pressure point. Over the last year, inventory has decreased. In Dane County alone, we’ve seen a decrease of 25% in new listings from August 2021 to now. From January 2021 through today, available inventory has decreased more than 11%. We’re seeing a low availability of only about a month of inventory across Dane County. In contrast, we’d expect to see about six months of available inventory in a balanced market. This implies that we are still in a great seller’s market.
Interest rates have also been increasing.* Today, we’re sitting at 6.875% for a 30-year fixed mortgage—quite high compared to our previous rates of just under 3%.
The average number of days on the market was about 15 instead of the 14 days in August 2021. We think this trend will continue, with properties staying on the market longer.
Thinking about buying or selling and need my help? Please don’t hesitate to give me a call or email. I’d be happy to answer any questions.
* Note: Interest rates have subsided to 6.5%. Interest rates are volatile and since shooting we have seen a slight decrease.
How do you price your home? My team and I have a fairly simple system to make sure that you don’t leave any money on the table.
First, we figure out what the market is like in your area. In a seller’s market, there is less inventory than there are buyers and prices are rising. In a buyer’s market, there is more inventory than there are buyers and prices go down. In a balanced market, there is an equal amount of buyers and sellers – balanced markets usually don’t last long, though.
Next, we look at active comparable listings so you know which properties yours is competing against in your area. We also look at homes that have received offers and are pending sales, and sold comparable properties.
We know that active listings generally need to undergo one or more price reductions before they sell. Pending sales mean those properties were priced well. Sold properties reflect the market value of the home. We balance all of this information in order to come up with your comparable market analysis, or CMA.
Finally, we factor in the condition of your home. We look at any repairs that are needed and figure out what cosmetic updates should be made. We also bring in a home stager to help your house look your best.
This process helps us find the best price for your home so you can sell quickly and for top dollar. If you have any questions, please give us a call or send us an email. My team and I would be happy to help you!
Is investment property something you’ve been thinking about?
Are you looking to add to your current investment portfolio?
Here’s a property that can satisfy an established or new investor. Set on an acre lot surrounded by the beautiful countryside of Mazomanie is a ranch style duplex. Each side features two bedrooms and full bath. Large eat-in kitchen with plenty of storage and large living room.
Unit 18 is occupied with a long-term tenant; Unit 20 is also occupied with a new tenant and has been updated with new paint, bathroom, new stove, new carpet in the living room and a newer furnace. New roof just completed and each side has new exterior steps and railings.
Unfinished basement with lots of potential for a family room, office or game room will add about 350 additional square feet. Each unit has their own utilities including LP tank.
Good rental history and rents! Click here for more details!
Less than 10 minutes to downtown Mazomanie and less than 30 minutes to Middleton!
For more details on this property or any similar properties please contact
The DaneCountyMarket.com Real Estate Team at 608-852-1035 or click here to search properties.
As a real estate agent, one of the most common questions we get asked is, “How is the market?” The June numbers are in, and we are here now to give you an update.
We are currently in a seller’s market, meaning sellers have the upper hand. 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. A balanced market is around six months of inventory. Right now in Dane County, we only have a 2.37 month supply.
Compared to the end of June last year, this June we had 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.
Moving onto 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’re at an advantage as long as you price correctly and have the right strategy. For buyers, it’s imperative to set an appointment and do a consultation with your Realtor. For us, we want to listen and find out what your goals are so we can make our motivations match 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.
Welcome to our home at 8861 Sunstone Lane in Middleton, WI!
We bought this house not only as our first home but as a place to start our lives together in Madison. We had been renting for several years but knew we wanted to make the Madison area home so we began looking for houses where we could start our family. It was important to us to find a home that was in a good neighborhood with access to good schools, parks, restaurants, etc.
When our Realtor® brought us to Hidden Oaks we knew we had found what we were looking for. The moment we walked into our house, we knew we were home. It was the right size for us with an open layout on the main floor, all the bedrooms on the upper floor, master on suite, and it was a new construction on a corner lot.
After living in our home for almost seven years now, we have grown to love it even more. We added a stamped concrete patio off the dining room to add some outside entertaining space. We added a small garden area to the south side of the house to grow some seasonal vegetables for summer cookouts. We also love the carriage lane behind the house which turned out to be a great place to hang out with our neighbors and was even home to the neighborhood block party for a few years.
Now that we have one child, and another on the way, we love having the park and the bike/walking paths in the neighborhood as well. It’s a great way to get outside and have some fun without having to pack everything up in the car and head somewhere.
This is a wonderful home and we know you’ll love and enjoy it as much as we have.
To schedule a private tour of this beautiful home in Middleton, WI or other homes in the Madison area, please contact our office at 608-852-1035.
We will be contacting you shortly with information about your home.