This Month in Real Estate: August 2016
After a sharp drop in home sales in July, according to the South Central Multiple Listings System August sales rebounded. Sales throughout the South central MLS were up for the month and the 854 reported sales are 15.2% more than last year.
2016 sales in Dane county are projecting to reach an estimated 7,824 - making it the third highest year on record. This is behind 2005 with 7,981 sales and 2015 with 7,936. New listings in Dane county were at 877 in August compared to 790 in August 2015. Year to date listings however trail 2015 by 3.5%. Active inventory currently sits at 2.35 months, under the supply in 2015 when it was 3.27 months. Six months of inventory is considered a balanced market.
Mortgage rates continue to stand at historic lows. Freddie Mac reported the 30-year fixed rate mortgage averaged 3.5%. With job growth the economy continues to improve and expectations are positive.
Thinking of buying or selling? Now is the time to contact Josh Lavik & Associates! We've helped many clients, whether your looking to upgrade or downsize our team is skilled at navigating you through your transaction with as little stress as possible. Give us a call at 608-620-4234 or contact us!