The January 2016 housing market results are in for Dane County and the picture remains clear: we are in a strong seller’s market in many areas of Dane County, Wisconsin. Prices were up almost 7% year-on-year in January 2016. Listings (single family homes and condos combined) were down almost 22%. And yet sales for January 2016 were up a little more than 6% year-on-year despite less inventory to choose from. Breaking it down into a bit more detail, inventory was down over 20% for single family homes and almost 25% for condos when comparing January 2016 to January 2015. That’s a big change from what we were seeing not that long ago. Average DOM (Days on Market) was also down from January 2015. This January in Dane County, WI it took about 64 days on average to sell a single family home and about 86 days on average to sell a condo. That's down almost 16% for single family homes and almost 19% for condos. In other words, it's taking a lot less time to sell your home or condo these days. And sales are still up despite the lowered inventory. That means the average home seller has a better chance of selling now than they did last January.
But before you say to yourself, those numbers don't sound that heady consider that in the most sought-after areas of Dane County such as Madison and Middleton, the best homes are flying off the market in just a matter of hours. Case in point: we listed a property last week with showings beginning at the open house on Sunday and by the next day we had three offers in hand. By 6pm that same evening, the house was under contract with a backup offer in hand. In fact the most desirable, best prepared, well-staged homes are generating multiple offers as a matter of course. Many homes are even selling over the asking price. Several buyers at yesterday's open were discouraged that they had lost out on several properties already. Are you thinking of buying in 2016 or having a hard time finding what you're looking for? If you plan to buy in 2016, it's a good idea to partner with a dedicated Realtor who will bring the best properties to your attention as soon as they hit the market. We'll even introduce you to our coming soon inventory of homes that haven't been listed on the MLS yet. Just get in touch using the form below or give us a call.
Thinking of selling? Wondering how much your home is worth? No problem. Try our online home valuation tool or contact us for a free market analysis of your home's worth. We have the experience and marketing know-how to get you top dollar for your home FAST.
Posted by Jolenta Averill on