Spring has always signified the start of the busy season here in real estate in Wisconsin, and this year is absolutely no different.
First, we take a look at what is happening in the Dane county market for the month of February. The median sales price for a single-family home was $420,000. The average days on market was 15 days, meaning from when the house was on the market, it took 15 days to gain an accepted offer.
The competitive nature of the spring market is really starting to show as 32% of all listings, for single-family homes, have received multiple offers.
The Dane county condo market is a more affordable option with a median price of $288,000, but the average days on market were 6 days versus 15 days for single-family homes. The Dane county condo market is becoming very competitive. For the month of February, there was an increase in multiple offers as it was noted that 40% of available condos received multiple offers.
When we take a look specifically at DeForest/Windsor area we find that single homes are a bit more affordable. The median price of a single-family home is $370,000 with the average days on the market being 21 days. However, the market is very competitive with one out of every three homes receiving multiple offers. That is an increase from 14% to 33% from January to February.
Now, when we look at condo sales in the month of February for DeForest/Windsor, we're going to see a significant increase in price from single-family homes where the median sale price for condos was $478,000 and the time on market was only an average of six days. The condos are flying off the shelf in the DeForst/Windsor area.
For both Dane county and DeForest/Windsor, we are seeing an average sale price of 100%. What that means is homes are selling for right around the asking price. We expect that as we go into springtime, we will see that number rise as the market becomes more competitive. It is anticipated that we may see people paying two, three, four, or maybe even 10% over the asking price for homes and condos in the marketplace.
As the market becomes more competitive, it is important to have an agent working for you, understand how to best negotiate the deal for you, and present the most competitive offer possible.