The WRA's March housing report continued the trend we've seen since the start of the year; low inventory and extremely high demand. This has continued to drive intense competition for available properties, as well as push prices to record highs.

March monthly home sales in Wisconsin were up .8% over the same month in 2020--a month that had set an all time record. The median list price also increased just over 10.3% from March 2020 to $229900 statewide, an increase driven by a 36.9% drop in listings over the last 12 month. Statewide, days on the market for available properties decreased 15% from 106 to 90.

Dane County saw a decrease in sales from the same month last year, with 596, a 3.7% decrease from March 2020. The average sales price stood at a robust $350,000, an 16.7% increase over the same month last year. Dane County again had one of the highest monthly median prices, ranking third highest in the state behind Ozaukee and Waukesha counties. Months of inventory for Dane County--an indicator of whether the market is trending towards buyers or sellers--dropped to 2.2, a 40.5% decrease from March 2020. A reminder, 6 months of inventory is considered a balanced market, with anything below that favoring sellers. By nearly any metric, Dane County--and the state at large--are currently in an extremely strong sellers market, with price pushing up across the state. Great if you are selling, but with buyers feeling a strain to compete for available properties. 

With historically low interest rates starting to inch up while historically low inventory continues, there is little likelihood that the market will swing back towards buyers anytime soon.