Dane County home sales finished 2015 as the second best year ever—just slightly behind the all-time record year of 2005. The 7936 reported sales are 13.4% more than 2014. What do we see for 2016? First of all, we see the continuation of new household formations and job creation. As a result, demand for housing will remain strong. Second, we see home values continuing to rise. This increases equities. Thirdly, we see new construction continuing to improve. With stronger demand by entry-level buyers and credit access improving for those buyers, builders will once again be able to focus on affordable price points.

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Home Sales Report
December 2015

2. January 15, 2016
Second Best Ever!
Dane County home sales finished 2015 as the second best year ever – just slightly
behind the all-time record year of 2005. The 7936 reported sales are 13.4% more than
2014.
Along with the strong sales, the median price continued its year-long increase –
rising 6.2% for the month and 4.9% for the year. The annual median price of $231,125
at the end of 2015 is now the highest year-end median, surpassing the previous high
of $220,500 set in 2014. This also represents a very solid recovery from the low point of
$202,000 reached in 2009 and again in 2012 during the economic recession.
Strong sales and median prices were also enjoyed across the eight county primary
market region of the SCWMLS:
County 2015 Sales Annual Median Price
Columbia 807 $158,500
Most since 2005 Highest since 2007
Dodge 559 $125,000
2nd most since 2007 Highest since 2008
Grant 381 $103,000
Most on record 2nd highest since 2007
Green 477 $152,025
Most on record Highest on record
Iowa 286 $149,896
Most since 2005 Highest since 2007
Rock 2097 $124,500
Most since 2007 Highest since 2007
December Home Sales Report

3. Sauk 882 $159,700
Most on record Highest since 2006
Overall 13,425 $190,000
Most since 2005 Highest on record
What do we see for 2016? First of all, we see the continuation of new household
formations and job creation. As a result, demand for housing will remain strong.
Millennials (especially in the 25-34 age range) once again will impact the
marketplace as their personal financial condition improves. In 2015, they
accounted for 1/3 of the sales nationally.
Second, we see home values continuing to rise. This increases equities. This means
that financially-recovering Gen Xers (aged 35-55) who are in their prime earning
years and thinking about moving up, and Baby Boomers (aged 51-70) who may be
thinking about down-sizing or retiring, could have a double role in the market as
both buyers and sellers.
Thirdly, we see new construction continuing to improve. With stronger demand by
entry-level buyers and credit access improving for those buyers, builders will once
again be able to focus on affordable price points. This will be very welcomed
inventory in an otherwise lean market. At the end of 2015, the supply of available
homes for sale stood at just 2.41 months in Dane County, down one full month from
one year ago. For the region, the supply is 3.56 months, again down substantially
from the end of 2014. As a general rule, six months of inventory is considered the
market balance point between buyers and sellers.
Apartment vacancy rates will continue to be historically low in 2016. In many
instances, rents will rise faster than home prices. As a result, it may be more
affordable to purchase than to rent.
And interest rates will rise. The Federal Reserve finally made a small increase in its
rate in December, and it sent a clear message that additional increases in 2016 are
expected and will be incremental. We do not expect long term mortgage rates to
track such increases directly, but we do see mortgage rates rising – probably to
around 4.65 – 5% by the end of the year. Such increases may be helpful in
motivating buyers and sellers who have been sitting on the fence to enter the
market. At such levels, housing affordability levels remain very high for most.
In summary, we believe 2016 will be a healthy year in terms of sales and prices.
While we may not exceed 2015 figures, a return to normal with fewer distressed
sales and a more balanced market certainly appear possible.
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4. South Central Wisconsin MLS Sold & Active Residential Listings (Including Condos)
2015 2014 2013 2015 2014 2013
38 47 44 1,224 1,168 1,206
64 58 44 807 696 678
185,720 152,900 123,239 180,464 166,181 147,443
173,500 124,393 110,750 158,500 148,500 132,000
396
453 483 396 453 483
2015 2014 2013 2015 2014 2013
353 404 317 9,695 9,545 9,834
449 453 430 7,936 6,995 7,418
266,784 254,423 247,553 263,323 251,886 242,311
239,000 225,000 205,000 231,125 220,500 212,040
1,594 2,032 2,372 1,594 2,032 2,372
Average Sale Price
Median Sale Price
Total # Active Residential Listings at end of Period
DANE COUNTY
Total # Active Residential Listings at end of Period
# New Listings
# Sales
DECEMBER & Year-to-date Statistics 2015 Current sales reported as of January 12, 2016
# New Listings
COLUMBIA COUNTY
December January - December
# Sales
Average Sale Price
Median Sale Price
NOTE - This representation is based in whole or in part on data supplied to the South Central Wisconsin MLS Corporation by its Participants. The MLS
does not guarantee and is not responsible for its accuracy. Data maintained by the MLS does not reflect all real estate activity in the market.
54 0
74 7
134 6
164 15
211 22
216 25
263 31
245 32
404 55
443 62
409 65
407 84
373 53
659 81
517 67
565 95
304 62
271 41
115 8
105 2
5,933 813
252,272 237,430
179,900 180,000Median price
Single
Family
CURRENT ACTIVE LISTINGS
30,000 - 39,999
40,000 - 49,999
50,000 - 59,999
60,000 - 69,999
70,000 - 79,999
80,000 - 89,999
90,000 - 99,999
100,000 - 119,999
300,000 - 399,999
400,000 - 499,999
120,000 - 139,999
140,000 - 159,999
160,000 - 179,999
180,000 - 199,999
Average price
less than 30,000
Condo/
Co-Op
PRICE
CLASS/TYPE
500,000 - 749,999
750,000 - 999,999
over 1,000,000
Total Types
200,000 - 249,999
250,000 - 299,999
13 08 3
15 9 11
9 15 3 1
9 15 2 5
11 12 3 2
4 14 5 3
7 11 6 1
5 18 3 10
21 44 11 20
18 46 5 17
41 34 21 18
9 61 18 9
5 39 17 12
7 82 39 14
3 60 45 6
1 39 44 4
0 8 29 4
0 4 15 1
00 2 4
0 0 4 0
142 530 269 128
104,141 182,336 299,010 166,001
95,000 169,000 257,600 146,250MEDIAN PRICE
4+
Bedroom
Condo/
Co-Op
AVERAGE PRICE
180,000 - 199,999
200,000 - 249,999
250,000 - 299,999
over 1,000,000
Total Types
0-2
Bedroom
3
Bedroom
300,000 - 399,999
500,000 - 749,999
750,000 - 999,999
160,000 - 179,999
400,000 - 499,999
60,000 - 69,999
70,000 - 79,999
80,000 - 89,999
90,000 - 99,999
120,000 - 139,999
140,000 - 159,999
100,000 - 119,999
TOTALS REPORT
SOLD RESIDENTIAL LISTINGS
PRICE CLASS/TYPE
less than 30,000
30,000 - 39,999
40,000 - 49,999
50,000 - 59,999
More MLS statistics are available at cbsuccess.com/home-sales-reports
*Sales for the month & current active listings are reported as of 1/12/2016. The Current Active Listings Chart includes all listings available for
showings, including those with offers to purchase. This representation is based in whole or in part on data supplied to the South Central Wisconsin
MLS Corporation by its Participants. The MLS does not guarantee and is not responsible for its accuracy. Data maintained by the MLS does not
reflect all real estate activity in the market.

5. 0
100
200
300
400
500
600
700
800
900
1000
1100
1200
1300
1400
1500
1600
1700
1800
1900
Number of Homes Sold Single Family Solds (Inc Condos)
Reported by the South Central WI MLS as of 1/12/2016
Dane County Columbia, Dane, Dodge, Grant, Green, Iowa, Rock & Sauk Counties
Dane County Sales
December 2015 ‐ 449
December 2014 ‐ 453
December 2013 ‐ 430
8 County Regional Sales
December 2015 ‐ 853
December 2014 ‐ 815
December 2013 ‐ 779
$100,000
$110,000
$120,000
$130,000
$140,000
$150,000
$160,000
$170,000
$180,000
$190,000
$200,000
$210,000
$220,000
$230,000
$240,000
$250,000
$260,000
$270,000
$280,000
$290,000
$300,000
Median Sale Price for Single Family Solds (Inc Condos)
Reported by the South Central WI MLS as of 1/12/2016
Dane County Median
December 2015 ‐ $239,000
December 2014 ‐ $225,000
December 2013 ‐ $205,000
8 County Regional Median
December 2015 ‐ $183,000
December 2014 ‐ $171,000
December 2013 ‐ $165,000

6. 1,500
2,000
2,500
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
7,000
7,500
8,000
8,500
9,000
9,500
10,000
10,500
11,000
Number of Active Listings Available Single Family Homes (Inc Condos)
Reported by the South Central WI MLS as of 1/12/2016
Dane County Columbia, Dane, Dodge, Grant, Green, Iowa, Rock & Sauk Counties
Dane County Inventory
December 2015 ‐ 1,594
December 2014 ‐ 2,032
December 2013 ‐ 2,372
8 County Regional Inventory
December 2015 ‐ 3,981
December 2014 ‐ 4,925
December 2013 ‐ 5,615
0
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Months of Inventory
Months Supply of Inventory for Single Family Homes (Inc Condos)
Reported by the South Central WI MLS as of 1/12/2016
Dane County Supply
December 2015 ‐ 2.41 Months
December 2014 ‐ 3.49 Months
December 2013 ‐ 3.84 Months
8 County Regional Supply
December 2015 ‐ 3.56 Months
December 2014 ‐ 4.91 Months
December 2013 ‐ 5.47 Months
Months Supply = current inventory divided by the average sales for the most current 12 months

7. Real Estate Market Statistics—Dec 2015
Information provided by the SCWMLS and is based on Single Family Homes and Condos as of January 12, 2016.
Stoughton School District December
2015
2014 YTD2015 YTD December
2014
# New Listings 13 413388 18
# Sales 17 274309 16
Average Sale Price $310,502 $218,919$238,186 $232,967
Median Sale Price Single Family $259,927 $207,000$215,000 $231,000
Median Sale Price Condo $115,950 $145,000$126,900 $147,000
Total # Active Residential
Listings at end of period
63 100
Oregon School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 15 399 9 411
# Sales 23 346 16 286
Average Sale Price $255,907 $275,064 $236,957 $267,168
Median Sale Price Single Family $226,250 $250,000 $182,500 $249,500
Median Sale Price Condo $283,000 $162,500 $142,500 $166,000
Total # Active Residential
Listings at end of period
59 90
Verona School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 16 503 17 507
# Sales 21 416 28 384
Average Sale Price $244,352 $289,287 $259,374 $290,179
Median Sale Price Single Family $301,741 $293,000 $257,950 $291,500
Median Sale Price Condo $155,000 $164,000 $157,550 $161,000
Total # Active Residential
Listings at end of period
85 90

8. Real Estate Market Statistics—Dec 2015
Information provided by the SCWMLS and is based on Single Family Homes and Condos as of January 12, 2016.
Deforest School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 15 394 11 385
# Sales 19 345 24 281
Average Sale Price $265,894 $247,949 $233,900 $234,813
Median Sale Price Single Family $260,000 $242,075 $220,575 $228,500
Median Sale Price Condo $133,900 $158,000 $233,000 $155,000
Total # Active Residential
Listings at end of period
55 92
Sun Prairie School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 26 912 32 846
# Sales 45 802 39 728
Average Sale Price $254,663 $233,338 $239,671 $223,041
Median Sale Price Single Family $270,000 $245,000 $262,725 $236,750
Median Sale Price Condo $174,700 $142,000 $146,500 $132,450
Total # Active Residential
Listings at end of period
104 147
McFarland School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 17 272 12 279
# Sales 21 232 8 187
Average Sale Price $278,138 $275,460 $209,300 $247,739
Median Sale Price Single Family $242,450 $259,304 $210,000 $243,362
Median Sale Price Condo —- $209,250 $188,200 $198,950
Total # Active Residential
Listings at end of period
31 64

9. Real Estate Market Statistics—Dec 2015
Information provided by the SCWMLS and is based on Single Family Homes and Condos as of January 12, 2016.
Wisconsin Heights School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 1 119 2 128
# Sales 5 79 4 81
Average Sale Price $171,290 $255,851 $206,538 $217,188
Median Sale Price Single Family $161,725 $228,900 $157,450 $181,000
Median Sale Price Condo $76,000 $78,000 —- —-
Total # Active Residential
Listings at end of period
29 40
Lodi School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 4 217 9 242
# Sales 11 155 8 126
Average Sale Price $264,800 $257,246 $225,000 $245,725
Median Sale Price Single Family $251,000 $236,500 $186,500 $190,000
Median Sale Price Condo —- $263,500 $220,000 $218,000
Total # Active Residential
Listings at end of period
75
Mount Horeb School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 8 211 12 212
# Sales 12 152 10 132
Average Sale Price $403,367 $299,370 $299,238 $236,076
Median Sale Price Single Family $229,250 $247,500 $265,000 $219,525
Median Sale Price Condo —- $209,950 $131,350 $166,000
Total # Active Residential
Listings at end of period
44 55

10. Real Estate Market Statistics—Dec 2015
Information provided by the SCWMLS and is based on Single Family Homes and Condos as of January 12, 2016.
Middleton-Cross Plains
School District
December
2015
2015 YTD December
2014
2014 YTD
# New Listings 24 770 27 790
# Sales 44 603 32 573
Average Sale Price $401,621 $373,885 $326,939 $350,348
Median Sale Price Single Family $410,000 $399,250 $359,950 $375,000
Median Sale Price Condo $121,000 $140,000 $119,250 $143,450
Total # Active Residential
Listings at end of period
126 134
Waunakee School District December
2015
2015 YTD December
2014
2014 YTD
# New Listings 14 515 20 493
# Sales 13 350 24 324
Average Sale Price $391,358 $357,338 $361,997 $345,958
Median Sale Price Single Family $541,428 $399,000 $365,000 $373,750
Median Sale Price Condo $264,900 $183,000 $122,000 $166,250
Total # Active Residential
Listings at end of period
96 107
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11. Fitchburg Home Prices—Dec 2015
Information provided by the SCWMLS and is based on Single Family Homes and Condos as of January 12, 2016.
Madison School District in
Fitchburg
December
2015
2015 YTD December
2014
2014 YTD
# New Listings 3 302 5 241
# Sales 11 233 13 191
Average Sale Price $283,273 $266,486 $210,391 $252,441
Median Sale Price Single Family $311,950 $300,000 $263,000 $292,250
Median Sale Price Condo $226,000 $190,806 $171,000 $178,000
Total # Active Residential
Listings at end of period
35 38
Verona School District in
Fitchburg
December
2015
2015 YTD December
2014
2014 YTD
# New Listings 4 140 6 133
# Sales 8 114 7 88
Average Sale Price $228,750 $288,960 $307,986 $330,652
Median Sale Price Single Family $278,750 $245,000 $278,000 $260,000
Median Sale Price Condo $136,500 $179,900 $270,000 $324,500
Total # Active Residential
Listings at end of period
19 25
Oregon School District in
Fitchburg
December
2015
2015 YTD December
2014
2014 YTD
# New Listings 3 52 1 63
# Sales 4 52 3 42
Average Sale Price $220,767 $257,306 $190,800 $266,893
Median Sale Price Single Family $201,069 $242,000 $169,900 $215,000
Median Sale Price Condo $283,000 $284,900 —- $278,000
Total # Active Residential
Listings at end of period
6 15

12. Madison High Schools—Dec 2015
Information provided by the SCWMLS and is based on Single Family Homes and Condos as of January 12, 2016.
Lafollette High School December
2015
2015 YTD December
2014
2014 YTD
# New Listings 29 876 31 803
# Sales 43 809 33 628
Average Sale Price $199,104 $198,216 $171,309 $179,062
Median Sale Price Single Family $199,900 $198,000 $183,900 $186,300
Median Sale Price Condo $96,700 $126,650 $100,250 $110,000
Total # Active Residential
Listings at end of period
92 153
West High School December
2015
2015 YTD December
2014
2014 YTD
# New Listings 28 1,060 24 989
# Sales 43 863 58 792
Average Sale Price $276,235 $319,183 $318,619 $308,272
Median Sale Price Single Family $277,500 $299,900 $288,000 $294,500
Median Sale Price Condo $255,500 $235,500 $186,250 $220,000
Total # Active Residential
Listings at end of period
168 171
Memorial High School December
2015
2015 YTD December
2014
2014 YTD
# New Listings 35 1,451 46 1,422
# Sales 78 1,260 68 1,096
Average Sale Price $240,754 $242,356 $247,776 $235,031
Median Sale Price Single Family $257,550 $254,720 $237,000 $245,650
Median Sale Price Condo $154,750 $141,500 $187,500 $151,000
Total # Active Residential
Listings at end of period
196 256
East High School December
2015
2015 YTD December
2014
2014 YTD
# New Listings 49 863 35 840
# Sales 36 732 43 640
Average Sale Price $199,001 $207,101 $178,258 $196,386
Median Sale Price Single Family $176,000 $179,900 $185,050 $176,000
Median Sale Price Condo $110,000 $137,000 $98,000 $146,000
Total # Active Residential
Listings at end of period
111 130