What did January home sales in Dane County look like?
Fewer sales than December 2022; 272 homes sold in January in Dane County compared to 402 sales in December 2022. The price do continue to creep up, despite higher interest rates.
The average sale price in January was $429,654 up from the average in December of $421,191.
Days on the market remained the same, 32 days for both January 2023 and December of last year.
As we head into the 3rd month of the year, we do see the market beginning to heat up. Low inventory continues to push competitive bids for buyers who have returned to the market from last year and new buyers who are just entering the market. We are in for another interesting and frustrating market for buyers.
So why is inventory low? I believe there are two reasons.
- Homeowners refinanced when the interest rates were low. They are not inclined to sell (and then buy) when interest rates are now double what they were a year ago.
- Where are sellers going to go? If they sell now and want to purchase another home, they are thrown into a marketplace with low inventory and competitive bids. They may find themselves with a a house sold and nowhere to land.
If you are a seller and have plans to move out of the area or rent for a while, then now is a great time to list your house. Sellers are still in the drivers seat. If you want more info on the real estate market, send me a note! I am always happy to talk 🙂