Dane County home and condo sales were lower in June

The trend toward fewer Dane County home and condo sales continued in June, with the larger decrease occurring in the condo market.

For the month of June

• Dane County combined home and condo sales were lower by 22.3% compared to June of 2007.
• Home sales were lower by 17.3%.
• Condo sales were lower by 35.4%.

Year-to-date through the Month of June

• Dane County combined home and condo sales were lower by 24.4% compared to the same time period last year.
• Home sales were lower by 21.9%.
• Condo sales were lower by 31.4%.

The graph below shows the change in monthly sales (homes and condos combined) dating back to January of 2007. Prior to September of last year, monthly decreases were relatively modest, ranging mostly between 5 and 10 percent. The trend toward larger monthly decreases started in September, and since that time monthly decreases have been ranging between roughly 15 and 35 percent.

This graph separates the monthly volume change for homes and condos. The decrease in home sales (red bar) has moderated in recent months, while the decrease in condo sales (blue bar) has intensified. In fact condo sales have decreased by at least 30% each of the last 3 months.

Our preliminary review of the July numbers indicates that Dane County condo sales will be lower again, but by a more moderate level compared to the last 3 months.

With high inventory levels and fewer sales, the Dane County condo market remains extremely competitive. We've seen evidence in recent advertisements that local condo developments are offering larger buyer incentives and even lower prices in order to attract more buyers. This article confirms that at least one area condo development has decided to lower its prices.