This Month in Real Estate: February 2016
According to the The South Central Wisconsin MLS sales continued strong in the month of February after a record start in January. Although the 331 sales are 4.4% lower than last year, year-to-date sales are keeping pace with 2015, which almost set records.
New listings are increasing slightly for the month and the year. However robust sales are keeping the active inventory scarce and it has dropped 22.5% compared to February 2015. Currently there is only 2.16 months supply of active inventory as compared to 3.13 in 2015 and 3.57 months in 2014. In a balanced market there are generally 6 months of active inventory between buyers and sellers.
Since the demand is high and inventory is low, median sale prices continue to rise. Dane County median sales price increased 5.4% over 2015. The median sales price currently stands at $233,000 compared to 222,500 for the previous 12 month period, which is an increase of 4.7%.
Due to the favorable weather the spring market began early for 2016. Interest rates remain low standing at 3.86% which is slightly lower than 3.86% last year.
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