Dane County home and condo inventories are rising as more and more sellers are starting their listings in time for the Spring buying rush. From the graph below you'll see condo (green), home (blue), and combined (red) inventories have risen for the last 3 months.
Meanwhile months of inventory have reached new highs due to lower housing demand over the last several months. As of March 31st, condo supply (green) reached a new high of 20.5 months. Home supply (blue) tied it's previous high of 9 months. Combined supply (red) reached a new high of 11.7 months.
When months of inventory rise, buyers tend to gain leverage. Although months of inventory are at new highs, we are seeing some encouraging signs for the single family home market. We'll have more to share on that when we report our preliminary March numbers next week.
For more on inventories, you'll find these DaneCountyMarket.com reports useful:
- How single family home inventory varies by location
- How condo inventory varies by location
- How home and condo inventory vary by price range
- How active listings have changed over time
- How months of inventory have changed over time
Have a good day,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
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