Per my last blog post, I was anxious to see what the May stats would look like, since closings are typically 30-60 days out. So, during the height of the pandemic (thus far), home prices continued on the same trend as they have been (upward), and the median home price in Dane County has surpassed $300K!
So, although the stock market took a huge hit, our economy was in a bit of disarray, the Real Estate market here in Dane County remains strong.
Now, prepare to have your mind blown. I am warning you, the graphic below may cause fainting or heart palpitations.
Yes, you are reading the statistics correctly. In all of Dane County, only a quarter of homes for sale are under $350K, and homes under $200K are in the teens! Luckily we have condos that can help fill in the gaps for the lower price point, but it is still shocking are how few condos there are to begin with!
So, what does this all mean?
The trend of the Seller's Market continues! There was and still is speculation as to how much our market would be impacted by all the craziness 2020 has thrown at us. But, the thing to point out is Madison is much steadier in comparison to other parts of the US and even other parts of WI. When the big crash happened in 2007-2008, Madison was not hit nearly as hard. So, it is no surprise that yet again, Madison remains a stable Real Estate market.
Can this change? Absolutely. We have never in our lifetime gone through something like this, so it is very possible life and the market can look much different in the near future.
My advice to Sellers? Let's talk about what your concerns/hesitations are with selling. Worried about where you are going to go? Worried about people coming into your home? Not sure your home's value? I can help you with all of that.
My advice to Buyers? Be prepared. Have a plan A, plan B, and maybe even a plan C. The first step still is meeting with a lender to get pre-approved. You won't be able to formulate a plan if you don't know what direction we need to go in. If you are approved for an amount below $200K, have you considered a condo? Have you investigated the details of your lease (are sublets permitted)? There is a lot to learn about the home buying process, and I can help clear up A LOT of questions and misconceptions. No question is dumb, and I am happy to be open and honest.
Until next time... Stay Sweet!
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