Spring Season Boosts Dane County Real Estate Market: April Market Report
The real estate market in Dane County has witnessed a flurry of activity during the busy spring season. With a slight increase in new listings, the market has experienced significant growth in key areas. Here's a recap of the latest market report for the month of April.
New Listings and Median Price:
In April, a total of 611 homes hit the market in Dane County, reflecting a positive trend. The excitement of spring has translated into an increase in the median price of sold homes, rising from $425,000 to $440,000 within a single month.
Days on Market and Selling Prices:
The average days on the market for new listings remained steady at just six days before receiving an accepted offer. However, homes are now selling for an impressive 102% of the asking price, indicating a rise from the previous month. Furthermore, 46.7% of all homes received multiple offers, showcasing the competitive nature of the market.
Condos Experience Growth:
The condo market in Dane County also witnessed significant growth in all key areas. The median sold price for condos rose to $303,000, marking an 11% increase from the previous month. Condos are now selling for 102% of the asking price, and an impressive 55.9% of them received multiple offers.
DeForest Windsor Area Highlights:
The DeForest Windsor area continues to be one of the higher-priced regions in Dane County. In April, the median sold price for homes reached $522,000, an $82,000 increase over the median price of a Dane County home. This area presents lucrative opportunities for sellers.
Market Trends and Future Outlook:
Overall, homes in Dane County are currently selling for the average asking price, indicating a balanced market. Although the competition slightly subsided over the last 30 days, with 18% of homes receiving competing offers, the limited new listing inventory of just 28 homes in April suggests a potentially more competitive market in May.
The condo market in DeForest and Windsor is particularly competitive, with the median sold price rising to $431,000. The days on market for new condo listings have been reduced to just 11 days, indicating a fast-paced environment. Additionally, 28% of condos received multiple offers, demonstrating the high demand in this area.
Stay Informed and Seek Expert Advice:
If you have any questions regarding the market or how your home values impact your net worth, please don't hesitate to reach out to me at any time. Staying informed and seeking expert advice are essential for making informed decisions in the dynamic real estate market of Dane County.