Take a look at the Dane County home and condo months of inventory by price range and you'll see a few patterns emerge.
For homes, inventory tends to be lowest for properties priced under $225,000. In other words there is more demand (relative to supply) for the homes in the lowest price categories.
Condo inventory also tends to be lowest in the lower price categories, but only one price range ($100,000 - $124,999) has less than 12 months of inventory. Condo supply (relative to demand) is high for all price categories and especially so in the upper ranges.
In the single family home market, sellers in the lower price categories tend to have more leverage than sellers in the higher price categories. A fair number of first-time home buyers do end up buying during the off-season, giving sellers in the more affordable price ranges an upper hand over others. As a personal example, I am working with two buyer clients who are purchasing homes priced at under $225,000 in the next 10 days.
In the condo market, the market for sellers is competitive across all price ranges, and extremely competitive in the high end categories - which helps to explain why we are seeing so many buyer incentives in the condo market right now.
For more information on Dane County inventory, check out these reports on the buying real estate and selling real estate pages at DaneCountyMarket.com.
No comments:
Post a Comment