To no one’s surprise, Dane County real estate reported for April 2011 were down about 39% from last April when a soon-to-expire homebuyer tax credit stimulated sales to high levels. Similar results are expected in May and June of this year. By July, closings are expected to run ahead of 2010 sales numbers.
The median sale price (the midpoint of all closed sales, ranked from lowest to highest price) in Dane County trails slightly from median sale prices seen in the last two Aprils.
Columbia, Dodge and Rock Counties join Dane County with 2011 year-to-date sales ahead of 2009. Green and Sauk Counties go one step further with sales ahead of both 2009 and 2010.
So what to expect in coming months? Lawrence Yun, Chief Economist for the National Association of REALTORS, expects a slight upward trend through 2012, with patches of uneven performance along the way. Mortgage constraints and tight credit standards are hindering many credit worthy buyers. Cash sales to investors are increasing.
For statistics by county, please read on.
South Central MLS Residential listings including condos (data from SCWMLS) * Sales reported as of May 12, 2011
|JAN-APRIL YTD||JAN-APRIL YTD||JAN-APRIL YTD|
|# New listings||467||578||582|
|# Active Res listings||732||824||752|
|# New listings||3555||4614||3949|
|# Active Res listings||4346||4832||4828|
|# New listings||323||404||355|
|# Active Res listings||470||549||547|
|# New listings||200||193||209|
|# Active Res listings||275||249||294|
|# New listings||246||272||255|
|# Active Res listings||318||329||340|
|# New listings||177||209||169|
|# Active Res listings||284||267||228|
|# New listings||1017||1348||1123|
|# Active Res listings||1389||1457||1440|
|# New listings||508||579||498|
|# Active Res listings||870||949||927|
In almost all of South Central Wisconsin counties, the number of homes for sale is down from previous years. Buyers have less inventory to choose from and there is less competition on the market for sellers.