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If gas prices are affecting buyer behavior, we would expect to see a drop in sales volume in the Dane County ring communities that offer a good real estate value in exchange for a longer commute. We recently analyzed the sales volume for 28 area communities, comparing the totals from this year to last year. We found that sales volume is down significantly in a number of ring communites, but not across the board. For example, Blue Mounds, Poynette, Lodi, DeForest and Lake Mills are all down by at least 44%, but other communites such as Barneveld and New Glarus are up by more than 35%. In addition, other communities that are closer to Madison have experienced a significant drop in sales volume, such as Sun Praire (down 36%), Verona (down 34%), and Monona (down 30%). Dane County sales volume is down 23% overall, with the Madison East and Madison West locations down 27% and 19%, respectively. Certainly the cost of gas is affecting the purchase decision of more than a few buyers, but the data does not yet indicate a broad shift in buyer behavior. We'll check back later in the year to see whether or not buyer preferences have changed after several more months of four dollar gas.
About us
This market update is provided courtesy of Dan Miller and Shawn Kriewaldt of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact Dan at 608-852-7071 (danielmiller@kw.com), or Shawn at 608-212-5743 (shawnkriewaldt@kw.com). Don't forget: if you're buying or selling, whether your timeline is 3 months or 3 years, we can help.
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