Thursday, September 22, 2022 / by Brad Brethouwer
Here’s what you need to know about our local housing market.
Recently, I compared August of 2022 to August of 2021. So what did the numbers say?
Currently, there are 1,126 active listings on the market. The current average list price is $521,000, and it's crazy how high that's gotten.
In August, there were 636 new listings. The sales rate of the new listings was 122%. That means there were many more sales than listings last month, which shows the shortage of inventory. The average sale price was $436,000, which is up 10% year over year. The average number of days on the market is 20 compared to 18 a year ago.
The sales rate is going down. The sales rate compared to a year ago is up 23%. That's how many more listings are selling than they were even a year ago. The new number of listings, 636, is down 28% compared to a year ago.
"Our market is still good for buyers and sellers."
Sellers, Madison's current active listings are 499. The average list price is $458,000. Ther ...
Friday, September 9, 2022 / by Brad Brethouwer
What’s going on in our Dane County real estate market right now.
I want to talk about the current market shift and how this affects you as a buyer or seller. This market shift has been happening for about six months. I have been noticing things like fewer offers, fewer showings, and other things that would indicate the market is starting to shift, which I have definitely talked about in some of my prior videos.
Coupling these changes with the hike in the interest rates and the time of year, I'd say those three factors have all slowed the market down a bit. When you dig in deep and look at what's going on out there in the market, is it really that slow? Even being in the market every day, it might feel slow, but it's not as slow as you think.
The inventory is lower, and fewer people are doing things. It's that time of year just before school starts. Generally, you see a surge from September up until around Thanksgiving. I suspect that you're going to see that continue, and ...
Thursday, August 18, 2022 / by Brad Brethouwer
What happened to our local market this July 2022? See the stats here.
The stats are out for July! What happened to our housing market last month? Today I’ll share some of the most critical real estate indicators and explain how they affect our local market:
1. Dane County
1,299 active listings
$501,000 average listing price
736 listings (down by 22% compared to a year ago)
801 sales (down by 20% compared to a year ago)
$437,000 average sales price (up by 11% compared to a year ago)
18 days on market (no change)
2. Columbia County
165 active listings
$428,000 average listing price
84 listings (down by 27%)
39 sales (down by 56%)
$329,000 average sale price (up by 16%)
14 days on market (no change)
3. Sauk County
195 active listings
$425,000 average listing price 99 listings (down by 3%)
76 sales (down by 13%)
$303,000 average sale price (up by 7%)
14 days on market (down from 20 DOM)
4. Rock County
449 active listings
$311,000 average listing p! ...
Tuesday, July 19, 2022 / by Brad Brethouwer
Sellers need to take advantage of this market before it’s gone.
Is this the end of the crazy bidding wars and lack of inventory? It’s not that clear-cut.
We’re still a seller's market, and it’ll be that way for a while. The type of market we’re in is determined by the number of available homes and the number of sales per month. Zero to six months of inventory is a seller's market. We probably have a little less than two months of inventory right now. Rising rates, the summer buying season, and inflation are shrinking the number of people who want to buy right now. They're sick of how quickly prices have increased, but that is now slowing down.
What does this mean for sellers? Time is of the essence. If you're looking to sell this year, you need to get moving. You're certainly not going to lose money because of how much prices have risen, but they are starting to plateau and come down. It's important to get things going because we don’t know . ...
Wednesday, July 6, 2022 / by Brad Brethouwer
The latest market data confirm my suspicions; the market is slowing down.
Today I want to talk about our changing market. There have been signs of our market shifting for the last 60 days. I've seen a slowdown in the number of showings and offers. Where there might have been a listing that had 50 showings and 15 offers, now it may only have 10 showings and two offers. That’s still good, it’s just not as crazily busy as before.
Inventory is rising. 76% of the properties listed in May sold. That's still a high number but is down 10% compared to a year ago. That gap is continuing to grow as interest rates rise and inflation pressures in the marketplace.
People are taking a step back. I've cautioned home sellers to be smart about their pricing and understand that this market is slowing down. A bubble isn’t bursting, but the market is shifting away from the crazy seller’s market we’ve grown accustomed to. This shift will create a more balanced . ...