Given our frequent focus on the Madison market, we thought an update about the overall market for real estate in Dane County was in order. So we put together the market snapshot below showing the performance of the Dane County real estate market in each category of sales for October 2010.
As you can see, October sales in Dane County compared favorably to that of, well, molasses. As you can see, no more than approximately 5% of any category of available real estate inventory sold during the month of October. Moreover, sales of the two biggest categories, single family homes and condos, were down over 50% and 70% respectively from last October. Prices held firm for condos and multi-family homes and even increased 10% for single family homes, however average DOM (Days on Market) deteriored by between 20% and 70% for single family homes and condos, respectively. In the case of commercial property, DOM increased by a whopping 260% to 481 days. That's a long time to sell any piece of real estate, let alone one associated with a commercial opportunity. To see the MLS data for Dane County single homes and condos charted against the last five years of data, visit Dane County real estate stats and Dane County condo stats.
Why is the market so slow in Dane County? A sub-prime credit crunch, record foreclosures, frustrated investors, and highly leveraged new home contractors have all come together to form the perfect storm. As a result, it's creating unprecedented market uncertainty. If you're looking for a great time to buy while benefitting from historically low interest rates, now is your time. At Lake & City Homes we don't just service Madison, we service all of Dane County and beyond. Give us a call at (563) BUY-SOLD today to discuss your requirements and get started.
For more Dane County real estate statistics, including historical charts, visit our Dane County real estate statistics page.
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Jolenta Averill, Principal
Lake & City Homes Realty