Wednesday, March 15, 2023 / by Brad Brethouwer
Trends indicate that values are up and properties are in high demand.
As of March 2023, there were 741 active properties in Dane County, with an average asking price of $564,000 and an average of 82 days on the market. In January 2023, Dane County had 413 listings, representing an 18% decline compared to the same period in 2022. The sold ratio was 66%, down 14%, and the total sales were 272, down 32%. However, the average sales price was up 12% to $434,000, and the average days on the market was 32, four days slower than in 2022.
In February 2023, the number of listings in Dane County fell to 441, a 26% decline compared to February 2022. The sold ratio was 65.99%, down 14%, and total sales were 291, down 23%. The average sale price increased only by 3% to $410,000, and the average days on the market was 40, which is 22% slower than in 2022.
"Properties within the average price range are in high demand."
In February 2023, the number of listings in Columbia County fell to 37, a 16% decline compared to February 2022. The sold ratio was 63%, down 10%, and total sales were 20, down 6%. However, the average sale price increased by 10% to $275,000, and the average days on the market decreased by 37% to 32 days.
The overall trend across both counties is that the values of properties have increased, while the number of listings, total sales, and sale ratio have declined. This trend has been particularly noticeable for new-construction homes that sit on the higher end of the price range. These properties take longer to sell, creating a gap between starter homes and new ones.
However, the data shows that properties within the average price range are in high demand, selling quickly at higher prices. The market is therefore favorable for sellers looking to sell properties in the average price range. On the other hand, buyers looking to purchase new-construction homes at the higher end of the price range may find favorable prices and more options.
If you have any questions or want to know more about the market in your area, reach out to me by phone or email. I look forward to hearing from you.