April 2024: Dane County Real Estate Market Snapshot

Dane County's real estate market in April 2024 continues to demonstrate vigorous activity, highlighting significant growth in both condo and single-family home sales. Here's a concise analysis of the current market conditions:

Overall Market Activity:

• Sales Volume: The market saw a total of 557 properties sold, marking an impressive 28.3% increase from the previous year.
• Median Sale Price: The median sale price rose to $450,000, reflecting a 7.2% increase year-over-year, indicating continued appreciation in property values.
• Pricing Dynamics: On average, properties sold for 2.49% above the asking price, though this figure shows a slight decrease of 0.46% from the previous year, suggesting a slightly less competitive bidding environment than before.
• Active Listings: There were 581 active listings, providing a healthy inventory for prospective buyers.
• Market Volume: The total sales volume reached $274,246,004, showing a robust increase of 33.3% from last year, underscoring strong financial momentum in the market.
• New Listings: The market introduced 712 new listings, a moderate increase of 3.9% from the previous year, offering more options for buyers.
• Market Pace: The median days on the market (DOM) remained steady at 6 days, indicating that properties continue to move quickly from listing to sale.
• Supply Indicator: With months of supply figure at 1.06, the market maintains a strong seller's advantage, though it remains near balanced, facilitating transactions for both buyers and sellers.

Implications for Market Participants:

• Sellers are witnessing favorable conditions with rising property values and quick sales, suggesting it's a prime time to list properties.
• Buyers face a competitive market but benefit from a slightly increased inventory and the steady pace of new listings. The slight decrease in bidding over asking price could indicate a less aggressive market, providing some leverage.

In summary, April 2024 shows a dynamic and healthy real estate market in Dane County, with strong growth in sales and property values. Both buyers and sellers should engage with knowledgeable real estate professionals to effectively navigate this active market.

 *These numbers are for both single-family and condo homes combined.