Spring time - A Sellers Season
The annual arrival of spring traditionally means warmer temperatures, a long-anticipated break from schoolwork, and the unofficial kick-off of real estate season. But since the market’s resurgence and with interest rates continuing to be on the low end, there truly hasn’t been much of a serious dip in overall home sales over the winter months, so spring is indeed “springing” earlier and earlier, even into the winter months.
Sellers, however, love the traditional start to spring since it’s a time to dust off the cobwebs, sweep the front porch, plant a few perennials, and refresh their home’s exterior paint. Homes traditionally show better in spring, buyers are motivated to be out and about visiting open houses, and sellers certainly have the advantage of marketing their homes during some of the most beautiful months of the year.
Interestingly enough though, the most recent sales report for South Central Wisconsin totaled 347 reported sales of single-family homes and condominiums in January, which is a new record, and topped the previous record of 345 set in 2006. In this light, spring is certainly coming earlier to Wisconsin’s real estate market and sellers are taking full advantage of this trend.
The report goes on to detail how the Dane County median sale price for January stood at $232,550 compared to $217,500 one year ago. For the past twelve-month period, the median sale price is almost identical, at $232,500. This is 4.9% higher than the previous twelve-month median sale price of $221,500. Furthermore, new home listings in January rose 7.4% in Dane County compared to last year, but the total number of active listings decreased 22% due to increased sales activity. In summing up the report’s findings, there is only 2.16 months of available inventory for buyers to select from. It’s important to keep in mind that six months of active inventory is considered a more balanced market between buyers and sellers.
Spring is undoubtedly a seller’s season, so regardless if you’re considering selling or buying, you and your family should be prepared for a very busy, very competitive time of year.
All the more reason you should have a qualified Realtor on your side to help you navigate this process. Call Accord Realty at 608-256-4566 to schedule your free Buyer or Seller consultation appointment today.