Market Update – June 2020
Home sales were down about 25% from this time last year. This is not at all surprising, given the continuing COVID-19 situation and tighter housing inventory. Only 651 homes (condo and single family) sold in Dane County the past month, compared to 871 homes in the same categories last year.
Inventory has hovered around the 2 month mark, and we are still in what is considered a “seller’s market”. Inventory for May 2019 was 2 months of supply, while this past month saw inventory levels of 2.39 months of supply.
The average sold price of single family and condo homes in Dane County was $343,303 last month. This is a 4.17% increase over the average sold price during this time last year, which was $329,551.
Interest rates have taken a downward dive, thanks to the current pandemic. This affects affordability positively, meaning buyers could have more room in their budget, which can help in a competitive market.
Market conditions are always subject to change, and frequently do throughout the year. We are closely monitoring our ever-changing market conditions, even as they are driven by current events. At Restaino & Associates ERA Powered, our agents are experienced at navigating and adapting to a fluctuating market. They are your best bet when looking to buy or sell your next home!
Data is based on Single Family and Condominium homes in Dane County, Wisconsin. All of the data represented is courtesy of the SCWMLS system and its participants. No guarantee is made to the accuracy of this data, and data maintained by the MLS does not necessarily reflect all real estate activity in the market.