July 2018 Market Update
July sales of single family homes and condominiums in Dane County showed surprising strength despite a continued decline in available inventory and increasing prices. The 900 reported sales are only 13 less than 2017 and 15 more than 2016 – the two best years for annual home sales on record. For the year, Dane County sales are trailing last year by 2.7%.
Since 2007, when the active listings numbered 5,409 at the end of July, the available number of homes for prospective buyers has dropped year after year to just 1,314 at the end of July 2018. This represents less than a 2 month supply. Generally six months of active inventory is considered a balanced market between buyers and sellers. A figure of less than 6 months is deemed to favor sellers; greater than 6 months is seen to favor buyers.
Want to learn more? Click to download our Market Update, and see how these conditions will affect you in the buying or selling of your home.