February 2024: Insights into Dane County's Housing Market

The Dane County real estate market in February 2024 demonstrates significant movements with notable year-over-year changes. Here's an overview of the crucial statistics:

Sales and Prices: The county saw 318 homes sold, marking a 4.3% increase from the previous year. This uptick is coupled with a substantial rise in median sale prices, which escalated by 15.8% to reach $440,000. This suggests a robust demand for homes in the area.

Negotiation Power: Interestingly, buyers paid an average of 0.73% over the asking price, showing a competitive market environment where homes can sell for more than listed prices.

Inventory Levels: Active listings stood at 549, and new listings saw a 10% increase from the previous year, amounting to 572 new homes on the market. This growth in inventory could offer more options to buyers.

Market Pace: The median days on the market remained low at 8, indicating that homes continue to sell quickly and the market pace is fast.

Supply Dynamics: With a months of supply indicator at 1.07, the market leans towards being a seller's market, but the slight increase in supply could hint at a shift that might benefit buyers in the long term.

What This Means

For sellers, the market conditions appear favorable, with rising prices and fast sales. However, the increase in inventory suggests they should act strategically to stand out. Buyers, on the other hand, might find more options available but should be prepared for competitive offers, especially for desirable properties. Overall, the market is vibrant, with dynamics that both buyers and sellers need to navigate carefully. Collaboration with experienced real estate professionals is advisable to leverage these market conditions effectively.

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