In October 2023, the housing market in Dane County, Wisconsin exhibited some interesting trends, and we're here to break it down in simple terms for those who may not be real estate experts. These numbers include both single family and condos.

Fewer Homes Sold (Number of Sales):
In October, 455 homes were sold in Dane County, Wisconsin, which is 13.0% fewer than the previous year. This means that there were fewer home sales happening compared to last year, limiting the overall inventory for potential buyers.

Home Prices Going Up (Median Sale Price):
The median sale price for homes in Dane County was $397,500, showing a 4.6% increase from the previous year. This means that the typical home in Dane County has become more expensive. Due to the combination of limited inventory and competition, values are still increasing.

Less Options for Buyers (New Listings):
There were 443 new listings delivered, which is 13.1% fewer than the previous year. This decrease in new listings suggests that there were fewer homes available for sale, which has contributed to the rise in home prices.

Competitive Buying (Average % Over Asking):
On average, homes were selling for 1.07% over their asking prices, showing a 1.08% increase from the previous year. This means that buyers faced some competition, with properties often selling for more than what sellers initially asked for.

Quick Sales (Median Days on Market):
Homes typically sold in just 7 days, which is the same as the previous year. This quick turnaround time indicates that homes/condos in Dane County were in high demand, and they didn't stay on the market for long.

Tight Housing Market (Months of Supply):
The months of supply, at 1.31, suggests a seller's market. This means that there were fewer homes available relative to the number of buyers in the market, in many cases driving up home prices and creating competitive conditions for buyers.

In a nutshell, the Dane County housing market in October 2023 showed signs of increasing home prices, limited inventory, and strong competition for buyers. Homes were selling quickly, and the market favored sellers. If you're considering buying or selling a home in Dane County, it's essential to be prepared for these market dynamics.