May WRA Housing Report

Dated: June 25 2021

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The WRA's May housing report can be described in four words: more of the same. Sales again increase across the state, as did prices...but not inventory.

May monthly home sales in Wisconsin were up 12.1% over the same month in 2020, with year-to-date sales up 10.6% over the same period in 2020. The median sales price also increased just over 14.2% from May 2020 to $245500 statewide, an increase driven by a 26.2% drop in listings from May 2020 to May 2021. Statewide, days on the market for available properties decreased an eye-opening 24% from 96 to 73.

Dane county saw an increase in sales from the same month last year, with 827, a 10.1% increase from May 2020. The average sales price stood at a stunning $360000, an 16.1% increase over the same month last year. Dane county again had one of the highest monthly median prices, tied for second with Waukesha county and just behind Ozaukee. Year to date the median home price in Dane County has increased 14.2% over the previous year to $346000, compared to $303000 in May 2020. Months of inventory for Dane County--an indicator of whether the market is trending towards buyers or sellers--dropped to 2.8, a 26.3% decrease from May 2020. A reminder, 6 months of inventory is considered a balanced market, with anything below that favoring sellers. 

By nearly any metric, Dane County is currently in an extremely strong seller's market, with prices pushing up across the state. Great if you are selling, but with buyers feeling a strain to compete for available properties. 

It’s worth noting that this intense seller’s market is a statewide phenomenon, rather than isolated to urban areas. In fact, if anything, rural and suburban areas are catching up. Months of inventory for all rural counties is now basically on par with the metropolitan areas of the state (3.1 to 2.8 respectively). This is a huge change from the same time last year, when metros had a DOM of 3.5 and rurals were at 6.8.

There is a small amount of anecdotal evidence out there that we might be seeing slight softening of the market currently, with the occasional Madison property seeing a price decrease. It's definitely too early to tell, though, whether this is the very early inkling of something bigger.

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David Pausch

In November of 2000, I closed on my first house, a rough-around-the-edges 1922 colonial with lots of sun, not a lot of storage, and an enormous oak tree in its postage stamp-sized back yard. From the ....

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