This Month in Real Estate: December 2015
The South Central MLS reports that Dane County home sales finished 2015 as the second best year ever! This is just slightly behind the all-time record year of 2005. Sales in 2015 were up 13.4% more than 2014. The median sales price has also continued increasing 6.2% for the month and 4.9% for the year. The median price of $231,125 at the end of 2015 is now the highest year-end median, surpassing the previous high of $220,500 in 2014.
2016 is looking up with the continuation of new household formations and job creation. This will continue to create high demand for housing. Millennials around the ages of 25-35 will impact the market as their personal financial condition improves. In 2015 they accounted for 1/3 of the national sales.
In 2016 we will also see home values continuing to rise and increase equities. The Gen Xers around the ages of 35-55 who are in their prime earning years will be thinking about moving up. The Baby Boomers ages 51-70 may start thinking about down-sizing or retiring. They could enter the market as a double role of buying and selling.