August 2018 Market Update
With August signaling the end of summer, sales of single family homes and condominiums in Dane County remained strong. The 864 reported sales are only 3.3% less than 2017 and 1% less than 2016 – the two best years for annual home sales on record. After 3 years of record and near-record sales, being slightly off pace is not to be unexpected or of concern.
Active listings continue to be in short supply in some price ranges. At the end of August, there were 1395 active listings. This represents 2.1 months of supply but is at the same level as one year ago. This is potentially significant as it marks the third month in a row that the months of supply in 2018 did not drop significantly from the prior year. We have not been able to say that about the active inventory for more than 4 ½ years. Perhaps this is a trend signaling additional inventory for buyers. Six months of supply is generally considered to be a balanced market between buyers and sellers.
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