Home sales for the month of November maintained the slower pace that we expect from our fall market, but are up ever so slightly from last month. There were 359 new homes listed for sale over the last 30 days. Of those new homes listed, 161 of them were 3 bedroom single family homes – typically the most sought after homes in our market. The average days on market for a sold home is 48, so homes are still moving relatively quickly.
Inventory in Dane County remains tight, favoring sellers, but has increased slightly over this time last year. There were 359 new homes added to our market’s available inventory over the past month, but 581 homes sold. This resulted in the one-month drop seen in available inventory from October to last month.
Home Prices continued to climb, though marginally, over the past month. The average sold price for homes in Dane County in November was just over $6,000 more than last month, but a more significant $23,648 increase over the same time last year.
Interest rates remain largely unchanged from last month, with most mortgage products offering rates below 4%. Affordable rates can help buyers “absorb” some of the price increases we are seeing in the single family and condo homes in our area.
Market conditions are always subject to change, and frequently do throughout the year. At Restaino & Associates ERA Powered, our agents are experienced at navigating our local market. They are your best bet when looking to buy or sell your next home!