It's a dog fight out there if you are trying to buy a house! Man-o-man, where are the sellers? Buying a house has become a full-contact sport! To put it in perspective, home sales in Dane County remained lower this month than this time last year. In June of 2019 there were 962 single family and condo homes sold. This past month saw 779 single family and condo homes sold, representing a 19% decrease. Read that again! A 19% DECREASE!
Inventory
One of the driving factors behind decreased home sales is low inventory. Nothing new here, this has been the case for the last several years, but it has magnified this year. Inventory for single family and condo homes in Dane County remained largely unchanged from last month, and continues to hover around two months of supply. A normal supply for a balanced market is six months.
Market conditions are always subject to change, and frequently do throughout the year. I am watching everyday to keep you up to date.
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