In November, we saw Dane County home and condo sales decrease by more than 34% from the previous November - a clear result of the economic news that started making headlines in September.
Then mortgage rates plunged, and in December we saw renewed interest from buyers who were spurred to action by low rates. How did this uptick in buyer activity translate into sales?
Home sales decreased in December, but at a more moderate rate of 12%.
Condo sales were down sharply - by 41%.
We expected home and condo sales to be lower in December. The impact of lower rates won't take hold until buyers start making their offers and closing on their homes. For this reason, February will be a good month to gauge the impact of lower mortgage rates.
What was a little surprising about the month of December was the continued sharp decrease in condo sales. Forty-one percent - that's a significant number.
For more information on the December numbers, you'll find our preliminary market report on both the buying real estate and selling real estate pages at DaneCountyMarket.com.
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