Midyear Market Review
It is hard to believe we have reached the halfway mark in 2019. Being at the midyear mark, we’re taking a look at the real estate trends that have taken place so far this year. Please note these trends are in relation to the real estate market of southern Wisconsin, specifically Dane County.
So far this year has been slower in most aspects of real estate compared to last year.
Inventory: Inventory is down 10%. With approximately 1,600 homes on the market each month, finding a home can be a challenge. Especially if you are in the price range of $150,000-$300,000.
Sales: Home sales are down 4%, though the past few months they have been picking up to trend more in line with what we would expect for the summer market.
Time on the Market: Days on the market have increased and are up by 6 days year-to-date.
Prices: Home prices set a new record in April 2019, increasing by 5% from the year before. The average price for sold listings in Dane County currently sits at $353,195. Prices are up 4% year-to-date.
So far 2019 is showing to bit a bit slower in pace for the real estate market. Much like anticipated, home prices continue to rise as inventory continues to be tight. Whether or not these trends will continue for the latter half of the year we do not know for sure, though experts are predicting these trends will continue.