The 424 Dane County home sales recorded in July were 47% higher than the 289 home sales in July of 2010. Home sales nose-dived last July due to the expiration of the tax credit (sales last July were down 52% from the year before). Taking July of 2010 out of the picture, sales this July were lower than any other July since 1995, when 396 homes were sold. Here's how July home sales have ranked over the last 20 years.
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 last July, when the tax credit expired for the vast majority of home buyers. Sales increased in December and January; then decreased the next 5 months before increasing once again in July of 2011.
The total of 103 Dane County condo sales recorded in July was 23% higher than the 84 condo sales from July of 2010 (last July condo sales decreased by 48% due to the expiration of the tax credit). Taking July of 2010 out of the picture, condo sales this July were the lowest out of any July dating back to 1997, when 92 condo sales were recorded. Here's how July condo sales have trended dating back to 1991.
This graph shows the monthly year-over-year change in Dane County condo sales (excluding homes) dating back to January of 2005. Similar to the trend for homes, condo sales dropped off dramatically last July. Condo sales then decreased on a year-over-year basis for 12 consecutive months before increasing once again in July of 2011.
Looking ahead: Our pending home sales report suggests home sales in August and September will exceed the levels from August and September of 2010. Our pending condo sales report suggests condo sales in August and September will trail the levels from August and September of 2010. In the bigger picture, we expect home and condo sales in August and September to remain low from a historical point of view.
Dan Miller, Keller Williams Realty and www.DaneCountyMarket. com