Madison, Dane County home and condo sales surge in August

Here’s a look at August Dane County home sales from a historical perspective.

Dane County single family home sales continued at a brisk pace in August. The 508 Dane County home sales recorded in August were 26% higher than the 404 home sales in August of 2011, representing the the highest sales total for any month of August in the past six years.

A look back further in time show home sales this August were the 10th highest for any August over the last 22 years.

With increased demand and less supply, this year is shaping up to be the best year for sellers in at least 5 years. (Stay tuned for our Dane County Home Price Index, which we will be releasing soon).

Home Sales Same Month Over Time

Home Sales Same Month Over Time

 

 

Here’s a review of August Dane County condo sales from a historical perspective.

The total of 150 Dane County condo sales recorded in August was 55% higher than the 97 condo sales from August of 2011. Condos sales last month were the highest for any August in the last 5 years.

The condo market has impressed to the upside in May, June, July and August – increasing by 38%, 47%, 46% and 55%, respectively. Consequently, months of inventory are decreasing, but the gap beween supply and demand remains a large one. The good news is active condo listings have been steadily decreasing since peaking in 2007.

Here’s how August condo sales have trended over the last 22 years.

Condo Sales Same Month Over Time

Condo Sales Same Month Over Time

 

Looking ahead: Our pending home sales report suggests sales in September will be well above the levels from September of 2011. We anticipate a growing number of home sales in 2012, by as much as 25% or more before the year is done.

Our pending condo sales report predicts August condo sales will also increase significantly from last year’s total. Although the condo market is trending in the right direction, it remains a challenging one for sellers in all price categories. We’ll be monitoring the condo market closely as the year unfolds.

Dan Miller, Keller Williams Realty and www.DaneCountyMarket. com

www.HowWeHelpYouSell.com

www.HowWeHelpYouBuy.com

www.OurRecentSales.com

www.SearchDaneCounty.com

www.DaneCountyForeclosureSearch.com

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About Dan Miller, RE/MAX Preferred

Madison WI real estate agent with RE/MAX Preferred and the Mad City Dream Homes real estate team. Visit me at MadCityDreamHomes.com.
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