Q1 2022 Market Update
In Q1 2022, the Dane County real estate market saw an increase in total dollar sales of 3.7% vs. Q1 2021, despite a decrease in new listing activity of about 17% – a sign of rising prices due to limited inventory. The median sale price rose nearly 10% to a record $370,000 for Dane County. Average Sold $/SqFt increased about 15%, and properties were selling quickly with a 30% decrease in average days on market.
We are on track to experience consistent seasonal trends as we have in past years. Typically we see a peak in the number of accepted offers in Q2 and then a decrease as we approach Q3, when some buyers drop out of the market in favor of signing leases or when buyer fatigue sets in due to multiple failed offer attempts. To a degree, rising rates will also deter some buyers from purchasing homes. We anticipate this will balance the market between buyers and sellers a little more over time.
If you are in the market to sell your home, list now to take advantage of the spring selling season and catch the market at a place where you still have a little more leverage. As interest rates go up, we may see fewer multiples offer situations and bidding wars. Our team can help implement the best plan for your specific situation to maximize your exposure and sales price. Give us a call to discuss numbers, timing, and the best strategy to get you top dollar for your sale. Our marketing package ensures the best possible exposure online, including a complimentary staging consultation and professional photography and videography.
If you are in the market to buy, our team would love to partner up and develop a strategy! We work hard to scour the market for our clients, set you up with tailored listing notifications, & provide quick access to properties. We also have many years of experience working with buyers and a track record of creative negotiating to help you secure a home in a competitive market.