This Month in Real Estate: May 2016
Compared to last year, home sales in Dane county are down 8.3%. However, the 842 reported transactions ranked 3rd best for the month over the last ten years. Year-to-date sales are ahead in all of the South Central Wisconsin MLS regions except Dane County. Median sale prices also rose in most markets for the month and are equal or ahead of all markets for the first 5 months in 2016.
The supply of active inventory stands at just 2.23 months, compared to 3.15 months last year. A balanced market has a 6 month supply between buyers and sellers. With the low inventory rate we are seeing multiple offers on the few homes that are for sale. Fierce buyer competition may be holding back many owners from selling.
Summer is a great time to lock in low interest rates that stand at 3.6%. This is well below the rate of 4.04% of last year. If you're considering buying a home now may be the time to lock in those low rates before they are gone.
If you've decided now is the time to buy or sell contact us at 608-620-4234! We have the expertise to navigate you through this tricky market.