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Property Trax: Dane County July home inventory down 14% for roughly balanced market

Property Trax: Dane County July home inventory down 14% for roughly balanced market

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July 2013 active listings

Active listings and months of supply dropped sharply again in Dane County in July, compared with last year and going back seven years.

On July 31, combined home and condo inventory stood at 3,566 units, down 595 listings, or 14.3 percent, from the same date in 2012, according to data from the South Central Wisconsin MLS.

By building type, active listings were down 8.9 percent to 2,631 units for single-family homes and down 26.7 percent or 339 listings for condos, with 935 units for sale on July 31.

The combined inventory was the lowest of any July since at least 2006, when 5,307 units were available, the data showed. The total for this July also was 38.8 percent off the peak, reached in July 2007, when inventory stood at 5,811 units.

Looked at separately, single-family homes in July were 21.2 percent off the peak year of 2007, while condos were a whopping 62.2 percent lower than they were in July 2007.

Looking at the July 31 figure for Dane County's months of inventory — a measure that weighs supply and demand from the past 12 months — there was a 6.3-month supply for homes and condos combined, down from 9.6 months a year ago.

Six months' supply is considered a balanced market, with no great advantage to either buyers or sellers. So that puts the combined inventory just about at the balance point, according to the data.

And single-family homes separately were at exactly 6 months on July 31, though condos separately were a little higher, at 7.4 months. That's way down from 14.8 months of condo supply a year ago, while the single-family home supply a year ago stood at 8.4 months.

Historically, 6.3 months of combined inventory is the lowest level seen in Dane County since at least July 2006, when there were 8.1 months available, and it's down dramatically -- 55 percent -- from the peak year of 2011, when July combined inventory was 13.9 months.

In addition, the 6-month supply for single-family homes alone was down about 50 percent from the July 2011 peak of 12.1 months, while the 7.4 month-supply of condos was down 67 percent from the peak year of 2009, when there were 22.3 months available in July.


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