The Numbers
The housing market is showing “normal” market condition--where we see a seasonal Fall slow down, transitioning from the high and fast-paced world of the Spring and Summer markets. If you were a part of that market then you know what I am talking about! Houses sell every day of the year, so we will see continued sales through the end of 2021. But the slowdown is evident.
Currently in Dane County there are 531 homes for sale. If you look at the price ranges the $250,000-$500,000 range remains ‘hotter’ than any other price range in Dane County.
The median sale price of single family homes in Dane County is at $376,250. This is up from $340,000 in 2020. Sales in September are down 20% versus 2020 (582 vs 699). Even though monthly sales statistics show a slow down from 2020 to 2021 year to date, home sales are up 3% (6538 vs 6359) and home prices are up 10.6% ($313,500 vs $350,654).
Real estate is hyper-local, so even though these are great indications of what the market is doing as a whole in Dane County, neighborhoods have different statistics when we look at 2020 vs 2021. Here are a few examples:
If you ever have any questions about your specific neighborhood, we can give you that information any time.
New Construction New construction is up 15% over 2020, based on building permits in Dane County. New construction of homes and condos, as well as apartments will continue and will help the inventory shortages we are seeing in most price ranges.
Fall/Winter Outlook
Buyers, now is your time! We are predicting that the rates will hold between 3% and 3.5% for mortgages and pricing will increase anywhere from 3% to 6% on average with pockets seeing higher increases due to limited inventory or desired locations. As long as inventory is lower the seller market will continue but we believe it will start to balance out and not be so heavy handed where you are competing with 20 offers! We have the tools, team and resources to help find the right home, so please ask. Beyond the real estate side of this discussion, meeting with your lender or one of our lender partners is a great way to get your financing ready.
Sellers, we are seeing areas that there are opportunities to still sell your home for list price or over, this Fall. If you are waiting until Spring 2022 to list, now is the time to start preparing for listing! We have noticed that contractors are 1-3 months out for scheduling and any work or repairs that you want to get done will need some extra time to get set up and completed over the winter.
We are taking appointments this fall to have those discussions, even if you are just exploring, there is no obligation. We love to prepare with our clients and make the decision to buy or sell as smooth as possible.
We’re here to help you!
- Charlie