Thursday, September 9, 2021 / by Brad Brethouwer
Here are the current inventory numbers for our area and what they mean.
To be in a seller’s market, we must have less than four months’ worth of inventory. Four to six months’ worth is a balanced real estate market. When you’re in a balanced market, you can expect about 30 to 45 days on market, on average. Anytime we have over six months of inventory, it’s a buyer’s market.
"There are many opportunities out there for buyers."
Here are our area’s current numbers:
- Dane County—2.97 months of inventory, 374 price changes in the last month
- Columbia County—3.95 months of inventory, 55 prices changes
- Madison—1.75 months of inventory, 127 prices changes
- Deforest—3.94 months of inventory, 13 price changes
- Windsor—3.78 months of inventory, 11 price changes
- Waunakee—6.43 months of inventory, 12 price changes
- Sun Prairie—3.42 months of inventory, 38 price changes
There are many opportunities out there for buyers because people are pricing homes too high as the market is shifting. Buyers may finally be able to negotiate on price. Plenty of price changes are happening as sellers realize they can’t ask for as much money as they may have earlier this year. Even though Waunakee has six months of inventory, it all depends on what price range and area you’re looking in; I guarantee there isn’t much inventory in the $300,000 and above range. This is an excellent time for buyers to get into the market. Most people will stop searching at the end of spring or summer if they haven’t found anything and wait until the following year. That’s a bad idea because you’ll constantly be entering the market when it’s at its hottest. If you want the opportunity for a deal, you need to jump in now, before the end of the year when things begin to increase again. If you have any questions about our market or real estate in general, reach out via phone or email. We’d love to speak with you.