This Month in Real Estate: August 2015
While August homes sales in Dane County did not set records like June and July, the 713 sales are slightly more than 2014, keeping the year-to-date total 13.8% ahead of last year in Dane County, the South Central MLS reports.
The median sale price in Dane County rose 5% for the month and is 4.6% higher for the year compared to last year ($230,000 vs. $219,900). Prices continue to show strength from the recessionary lows.
In August a total of number of active residential listings was 2,620, a 18.2% increase as compared to last month with a median listing price of 270k. Dane county home values have gone up 2.0% over the past year and are predicted to continue to rise. The median sales price for homes in Madison WI for June 15 to Sept. 15 was $215,000. This is an increase of 1% compared to the prior quarter and an increase of 3.9% compared to the prior year. Sales prices have appreciated 5.1% over the last 5 years in Madison. Average price per square foot for Madison WI was $138, an increase of 4.5% compared to the same period last year.
Buyers and sellers are encouraged to take advantage of the conditions in the market place – especially as mortgages continue to be available at very low rates. Mortgage rates have moved in a very narrow range, hovering just above or below 4% for most of the year. Average contract interest rate for a 30-year fixed-rate mortgages decreased from 4.10% to 4.09%, with points increasing to .42 from .39 reports CNBC.
For information about current market conditions, or to discuss the right time for you to buy or sell a house, contact Josh Lavik & Associates at 608-620-4234.