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 then it's really going to pick up around February 1, like it usually does every year.
Here are the numbers I looked up in Dane County just to see what's out there. In Dane County, there are 684 properties that are available on the market. Of those homes, the average list price is $584,000. That's pretty high. Obviously, there’s a lot of new construction driving that price up.
"It's still a great time to buy and sell for sure."
The average days on the market currently is 62 days. Now, if you compare that to the video I did last month, it was 18 days in Dane County. So these are the properties that haven't sold yet, and as I go through the list, I see a lot of price drops.
There's room for buyers to jump in and perhaps get a decent deal before everybody comes back into the market in the spring. Currently, there are 100 properties that are under $300,000 in Dane County. There are 144 that are between $300,000 and $400,000. There are 162 that are between $400,000 and $500,000, and then there are 184 that are $600,000 plus.
The current interest rate, according to Mortgage News Daily, is 5.95%. That's kind of the health of the market right now, and it's still a great time to buy and sell for sure. Everything I've seen has had multiple offers still, except for maybe a couple of rare occurrences. For the most part, there's still enough interest in all types of properties out there.
If you're selling and don't need to buy, you're in great shape. As a buyer, there are now more opportunities for you. Check out our website, bradbret.com, and call or email us anytime. We’re happy to have a conversation with you about what the market looks like in the areas that you're looking to buy or sell in. Have a great day.