This Month in Real Estate: January 2016
Dane county is hitting record numbers with the 347 reported sales of single family homes and condominiums. The South Central Wisconsin MLS reports this is the highest total ever for the month of January, breaking the previous record of 345 set in 2006. Compared to a median sales price of $217,500 last year we are up 4.9% at $232,550.
New listings in January rose to 7.4% in Dane County, however the total number of active listings decreased 22% due to increased sales activity. Right now there is only 2.16 months of available inventory on the market when generally 6 months is considered a balanced market.
For the SCWMLS region (excluding Dane County), January sales increased 10% over last year with the median sales price increasing 6.4% to $130,000 from $122,100. We see a positive 2016 with continued job growth and confident consumers. There is strong demand from Millennials and Gen Xers as new households are formed and life events take place in existing households. Affordability is high as favorable interest rates stay below 4% for now. We also see an increase in new construction with such low inventory.