This Month in Real Estate: November 2015
The South Central MLS reports that November home sales are up 13.6% over last year and 13.8% year-to-date. There are a total of 7,450 sales reported through the first 11 months of 2015, exceeding the annual totals for every year except 2005. For November, the Dane County median sales price of $232,950 is 2.2% higher than November 2014. Year-to-date the median sales price is 4.5% higher than last year at $230,000 compared to $220,000.
New listings in Dane county increased over 13% this year with more growth projected for 2016. The higher volume sales continue to drive down available inventory. Currently there is only a 2.8 month inventory as compared to a 4 month inventory last year. The South Central MLS reports across the eight county primary market region, sales increased 10.1% for the month and are up 11.6% year-to-date. The median sales price has risen in each county, up 6.1% year-to-date.
Buyers who are thinking of looking in the spring, should consider starting now. Instead of risking higher rates in the spring you can lock in the current low interest rates. There is also less competition between other buyers now than in the spring market.
Posted by Katelyn Son at 12:48 PM