Get ready to strap on your property helmets, because the real estate market is heating up! With record-breaking sales and skyrocketing prices, it’s time to buckle in and take a wild ride through the latest market update.
Before we look ahead, let’s look back at what happened in February 2023.
*There were 302 home sales in February compared to 272 sales in January. A slight uptick.
*The average sales price dropped a bit, from $429,654 in January to $415,262 in February.
*The average days on market when up a few days, from 32 days on the market in January to 39 days on the market in February.
Much of these changes can be attributed to low inventory. The lack of homes for sale continues to be an issue with buyers continuing to enter the market particularly as the warmer weather arrives and the days become longer.
The market in March has been fierce with multiple offers on properties that are priced well ad is good shape. Of course, location is also a factor.
As of today (4/3), there are a total of 2,360 active listings in Dane County. Of those, 1,541 are new listings. The new listings represent a 28% decrease from this same time last month.
So, if you are considering a purchase in the coming months, be sure to have your ducks in a row. Your preapproval letter from a lender should be ready to go. Your criteria should be mapped out and clear and if you haven’t already, connect wit h a local Realtor that can help you navigate this unpredictable market.
Feel free to contact me to chat further!