Last month we looked at the percent of Dane County homes under contract. At that time 18% of all Dane County single family home listings had an accepted offer. The number is now at 22%.
The table below shows how the percent under contract has been trending by price range.
The market for starter homes is very hot right now. The hottest price range is the category of homes priced between $125,000 and $149,999, with 34% of these homes currently under contract. In other words for every one home in this price category under contract, there are 2 other listings working for an accepted offer.
The market for higher-priced homes is softer. For example only 6% of the homes priced between $500,000 and $599,999 are currently under contract. For every one home in this price category currently under contract, another 16 listings are fighting for an accepted offer.
One thing to keep in mind is the market can vary a ton by location. Here's a good example: Last weekend we provided a buyer a list of all MLS listings in the Sunset Village and Westmorland neighborhoods priced at $250,000 and under. An amazing 55% of these listings were already under contract. Because of this we recommended an automated search for this buyer, so she can receive an email with a link to the online listing whenever a new listing matching her criteria hits the MLS. With this approach if she likes what she sees online, she can then set up a quick showing before the sign goes up in the yard.
We'll be taking a similar look at the condo market in a future post.
Have a good night,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
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