Monthly Market Update: Housing Statistics for Dane County for March 2018
The first quarter of 2018 has ended the same way it started, with heavy buyer demand, strong sales, and decreasing inventory. The first three months of the year had 1342 sales (compared to1324 for 2017) and the median price climbing to $265,000 ($249,500 in 2017). There are clear signs that these trends will continue. Confidence in the economy is quite high, with 68% of potential buyers feeling it is a good time to buy and 77% of homeowners feeling it is a good time to sell.
Summary of the data for the month of March 2018:
- Number of sales of single family homes: 583 (576 in 2017)
- Number of new listings: 986 (1027 in 2017)
- Total listings available end of March: 849 (975 in 2017)
- Number of months inventory available: 25 mos. (1.45 in 2017)
- Interest rates up to approximately 4.44%
- Median price of single family homes and condos: $272,000 ($259,450 in March 2017)
Beyond Salesmanship: Your Realtor® as a Long-term Resource
Recently, after giving a presentation to UW Madison Engineering students on the verge of graduating, I came to the realization that many people don’t appreciate how much a Realtor® can do for them and how early in the process they can be helpful. I believe real estate is about more than marketing and persuasion; it is about providing a full range of high level real estate services to our clients. Realtors® are real estate professionals who are members of the National Association of Realtors® and often their state and local Realtor® associations. We are supported with resources, training, and market information from our association. Moreover we are sworn to abide by a code of ethics which guides our conduct towards each other as well as towards our clients and members of the public. This means that you should expect a great deal from your Realtor®:
- Information on the market – The most obvious time you should be receiving market information from you Realtor® is when you are at the point of either buying or selling. A thoughtfully prepared market analysis and ongoing analysis of comparable sales is essential to understanding the values of property. In addition, your Realtor® should be willing to provide market data while you are in the early stages of choosing neighborhoods that meet your needs as well as when you are considering your next move so you can begin planning.
- Background data and resources – Don’t hesitate to call upon your Realtor® to help you find information about neighborhoods, schools, accommodations, recreation, parks, shopping and more. This information can be useful in early planning before purchase, enjoying your current home, and planning for sale.
- Evaluating properties – Although Realtors® are not often experts in building or inspection, they do learn a lot about evaluating homes in terms of how well they may meet your needs, the general types of maintenance you might expect to experience, and how a property is likely to be perceived by a potential buyer. These are all critical elements of establishing a value both for you and for a future buyer.
- Ideas for remodeling and resulting value – Any time you are considering a remodeling project you might touch base with your Realtor® to get another opinion about the potential for increasing your home’s value. They can also help you evaluate which types of remodeling may be most beneficial in your particular case.
- Recommendations for other service providers – Realtors® establish many contacts with service providers from many fields over the years through personal experience and through clients and colleagues. It’s always a good idea to get a few names to check out, and your Realtor® should be happy to share a couple if they know of someone.
In conclusion, I want my clients, past, present and future, to reach out to me to access the assistance I can provide at all stages from planning to active searching or selling. This is a win-win arrangement!