Here's a look at February Dane County home sales from a historical perspective. Dane County single family home sales continued at a brisk pace in February. The 226 Dane County home sales recorded in February were 22% higher than the 185 home sales in February of 2012, representing the highest sales total for any February in the last 6 years. With increased demand and less supply, it's become a seller's market in many Madison and Dane County neighborhoods. Prices are indeed rising in many neighborhoods. In many neighborhoods, we're seeing homes sell for prices that weren't possible last year. Also, our Dane County home price index shows a trend toward higher home values.
This graph shows the monthly year-over-year change in Dane County home sales (excluding condos) dating back to January of 2005. Home sales dropped off dramatically in July of 2010, when the tax credit expired for the vast majority of home buyers. Sales increased in December of 2010 and January of 2011; then decreased the next 5 months before increasing once again in July of 2011. This February was the 20th straight month to meet or exceed the sales level from the same month of the previous year.
Looking ahead: Our pending home sales report predicts sales in March will be above the levels from March of 2012. We expect rising home sales in 2013 and a good year for Madison area home sellers.
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This information is provided courtesy of Dan Miller, Shawn Kriewaldt, Chris Venden, Dasha Shy, and Jodi Shehadi of Keller Williams Realty and DaneCountyMarket.com. For more information, please contact: 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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