Thursday, October 13, 2022 / by Brad Brethouwer
Where Is Our Housing Market Heading?
Here’s what you need to know about our local housing market.
Today I'm going to go over the September 2022 market report as compared to a year ago. If you have real estate plans for the near future, this is critical information.
Last month in Dane County, there were around 1,099 active listings on the market. That number is down 2% from a year ago at the same time, so there hasn’t been a huge drop. Meanwhile, the average price in Dane County in September was $524,000, which is high.
There were 585 new listings in Dane County in September, which was down 22% from last year. That just goes to show you how much the inventory is shrinking. The sales rate is 112%, which means more homes are selling than are currently on the market. If this continues, inventory will continue to shrink. As long as inventory remains this low, prices will stay high, so you don’t need to worry about a crash.
The average sales price in September in Dane County was $433,000, which was up 12% from last year. The average number of days on market was 20, which was up from 14 in 2021. This means our market is still hot.
"Inventory may continue to shrink."
Deforest Windsor currently has 78 active listings, which is down 5% from last year. The average list price was $544,000. There were 23 new listings in September, which is down 34% from a year ago. The sales rate of those listings was 152%, which was up 67%, and the average sales price in Deforest in September was $414,000, which was up a very modest 2% from a year ago. Finally, the average days on market is around 46, while it was 34 last year.
If you're a seller, it is still a great time to sell. Your home might sell in a few weeks instead of a few days, but our market is still strong. If you are looking to sell or have any questions, please call or email me. I am always available!