Dane County November home sales strong

Dane County home sales continued at a very strong pace in November, up 13.6% over last year and 13.8% for the year-to-date, the South Central Wisconsin MLS Corporation reports. In fact, the 7,450 sales reported through the first 11 months of 2015 already exceed the annual totals for every year except 2005, the current record year.

In addition to the strong sales, the median price continues to strengthen as well. For the month, the Dane County median price of $232,950 is 2.2% higher than November 2014. More significantly, the year-to-date median price is 4.5% higher than last year at $230,000 compared to $220,000.

Once again, new listings in Dane County increased over last year in November — this time by more than 13%. However, the higher volume of sales continues to drive down the available inventory. As a general rule, six months of active inventory is considered to be the balance point between buyers and sellers. Currently, that figure stands at just 2.8 months, compared to 4 months in 2014.

Across the eight county primary market region of the SCWMLS, sales increased 10.1% for the month and are 11.6% higher year-to-date. All counties are ahead in sales with the exception of Dodge County (down just 2.3%). The median price has risen in each county, up 6.1% over the region year-to-date.

With one more month to go, it appears that 2015 could come very close to setting an all-time record for home sales, exceeding the 7,981 reported at the end of 2005.