On the last day of each month we measure the number of active Dane County home and condo listings and compare that number to the inventory level from the prior year.
As of August 31st, there were 46 fewer Dane County home and condo listings compared to August 31st of 2009 - a modest improvement. However the numbers begin to tell more of a story when we break them down and look at homes and condos separately.
Dane County home inventory on August 31st was 296 units higher than the level from last year. This year-over-year increase in home inventory appears to be on an upward trend. As of July 31st, there were 246 more homes listed than July 31st of last year. On June 30th, there were only 84 more units listed than June 30th the year prior. Now that the tax credit has passed and demand has slowed, we're seeing a clear trend toward increasing home inventory.
Dane County condo inventory on August 31st was 342 units less than the level from last year. On July 31st, there were 381 fewer units listed compared to July 31st of last year. On June 30th, there were 404 fewer units listed than the year prior. Although condo inventory is well below the level from last year, the magnitude of that inventory decrease is getting smaller.
The latest inventory trends provide another reason for sellers to critically evaluate their pricing. The dangers of pricing too high in a downward trending market are very real and can come with some serious consequences.
Dan Miller, Realtor, Keller Williams Realty and www.DaneCountyMarket.com
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