Residence costs proceed to rise in Dane County, and by all measures. Here is our newest single household residence replace for the month of Could, 2023.
Dane County residence costs
The value per sq. foot elevated to $229, which was a brand new file for our market and up 5 p.c year-over-year. The median worth was $449,900, which was up 6 p.c. And the typical worth was $517,046 (up 8 p.c).
New MLS listings
Solely 585 single household properties had been listed on the market final month, which was the second lowest whole for the month of Could this century. Greater mortgage charges are inflicting many would-be sellers to pause and put their actual property plans on maintain.
Energetic listings
Proper now there are fewer lively single household residence listings (these with out accepted presents) than there have been presently final yr. Just one month of residence provide is on the market throughout all of Dane County.
Competing presents
Now that our first quarter knowledge is usually finalized, it is clear a decrease proportion of listings have been receiving a number of presents this yr. We do anticipate our preliminary numbers for the month of April to drop as soon as extra of our knowledge is in. A decrease proportion of competing presents is sweet for the market and for controlling residence costs, nevertheless it’s necessary to notice that competing presents are nonetheless very excessive in comparison with most different years within the current previous.
Accepted presents
With fewer consumers available in the market, and fewer properties to purchase, accepted presents proceed to development decrease in 2023.
Madison space residence gross sales
Equally, Dane County residence gross sales are trending a lot decrease, too.
Days on market
Days on market have risen barely within the Madison space, however nonetheless stay very low when in comparison with virtually each different yr this century.
The months forward
We do anticipate a sellers’ marketplace for the foreseeable future, however because of the seasonal nature of our market, market circumstances will change into somewhat extra pleasant to consumers in the course of the second half of the yr. Consumers who stay affected person and protracted would be the ones who’re ultimately rewarded with a house in 2023.