The WRA's September housing report came out earlier this week, and the most obvious take-away is that the big price increases we saw earlier this year have had an effect on the autumn market.

September monthly home sales in Wisconsin were down 8.5% over the same month in 2020, though year-to-date sales were still up 1.5% over the same period in 2020. The median sales price also increased 6.6% from September 2020 to $245000 statewide, an increase at least partially driven by a 9.5% drop in listings from September 2020 to September 2021. Statewide, days on the market for available properties continued to fall steeply, from 86 in September 2020 to 66 in September 2021, a 23.3% decrease.

Dane county saw a decrease in sales from the same month last year, with 795, down 15.2% from September 2020. The average sales price is a still stunning $350000, 9.3% over the same month last year. Dane county again had one of the highest monthly median prices, tied for fourth behind only Waukesha, Ozaukee, and Vilas. Months of inventory for Dane County--an indicator of whether the market is trending towards buyers or sellers--stood at 2.8, a 20% decrease from September 2020. A reminder, 6 months of inventory is considered a balanced market, with anything below that favoring sellers.

Much of this supports some of the anecdotal evidence we've seen on the ground here in Dane county; less competition of properties, buyers exiting the market due to increasing prices in the area, etc. This doesn't mean it's not still a strong sellers market--it is. But the increased prices for homes throughout Madison and Dane County have really impacted buyers and kept some from continuing their search.