This blog post hits on something important, especially for the Madison area area estate market: buyer demand is still strong. This is despite the increase in interest rates and the historically low
July WRA Housing Report
Dated: August 18 2020
Views: 251
The Wisconsin real estate market was strong in July, despite the resurgence of the COVID-19 pandemic. Statewide, July homes sales were the highest they've been for that month since 2005, with 9649 closed sales, an increase of 7.6% over the same month in 2019. The median list price also increased 10.4% to $226,400, a sign that while demand is strong in the market, inventories are still tight statewide.
Dane County’s numbers again trailed the statewide percentages, seeing sales drop from 979 in July 2019 to 941 this year, a 3.9% decrease. This was an improvement over June's numbers however. Months of inventory for Dane County--an indicator of whether the market is trending towards buyers or sellers--held steady at 3.4, just a .01 drop from June. This shows, along with the 8% increase in median price from this July to last, that the Dane County market is still a strong seller’s market (a balanced market is 6 months of inventory).
The continued strength of the housing market likely is being driven by the record low interest rates available. The WRA (Wisconsin Realtors Association) expects those rates to stay low over the next few months, meaning we can likely expect a continued strong seller's market into the fall.
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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