Hi, I’m Brad Brethouwer, broker-owner of Brad Bret Real Estate. And today I want to go over the July 2020 market update and for the towns of Waunakee, Westport, Vienna, DeForest, Windsor, Sun Prairie, Bristol, Burke, and Madison.
So what I’m going to do is compare July of 2020 to July of 2019 just to get an equal comparison of a similar month. So as I’m looking through the statistics, the total number of sales and listings, I did a little bit of fluctuation here, but all in all, it’s pretty close to what it was in 2019.
The biggest difference I’ve seen in every market update that I’ve done so far this year is that the price has gone up significantly from what it was last year, July 2019 at the same time. So, if you’re thinking of selling right now, I mean, it is at the peak of the market at this point.
There’s some talk of, is this bubble going to burst like it did the last time. And honestly, I don’t think it’s going to. I really don’t. I know there’s going to be some repercussions due to all the high unemployment rate and whatnot, but it’s just that the amount of inventory is still so thin and it’s been thin for a few years. It’s just even thinner now, which is causing a high demand, and people throwing themselves with these really high offers at houses.
I’m seeing some appraisals come in short because the prices are going up so much. So there’s a little bit of that going on too, but I mean, it’s just a strong, strong market, seller’s market right now if you’re thinking of selling. If you have something to buy, that makes it a little tougher, depending on the price range you’re in and where you’re looking and whatnot.
But I’ve even recommended to some people if you can move to an apartment or move to some sort of temporary housing and take advantage of the market the way it is right now because it’s still has shown no signs of a slowdown really too much at this point. So if you’ve got any other questions, check us out on our website, bradbret.com, or you can call text or email me anytime. Take care.