COTTAGE GROVE — What has been one of the fastest-growing suburbs in eastern Dane County is closer to opening its first library, officials in Cottage Grove announced.

Diane Wiedenbeck, the president for Cottage Grove’s library board, said Thursday that the village has completed a three-year search for a site to build the proposed Cottage Grove Community Library.

The winning site is a five-acre lot that adjoins the Blair Family Dentistry Clinic on Cottage Grove Road, just west of the site where the Cottage Grove Middle School is under construction. The community’s library board has given preliminary approval to buy the land for $200,000.

What is the holding inventory or absorption rate in Cottage Grove? How long would it take to sell a home?

How we calculate that data is:

• How many homes are selling in a month?
• Based on the current active inventory, how long would it take to sell?

So the average home sales in Cottage Grove is 8.7 a month.

• 26 total sales since June 1st.

There are 106 current active listings for sale in Cottage Grove. If we said no more listings are allowed to come on the market, with an average of 8.7 selling a month, it would take 12.2 months to absorb the existing inventory.

This means Cottage Grove is definitely a buyer’s market.

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The Federal Reserve lowered its benchmark interest rate by a half point to 4.75 percent, this is the first Fed rate cut in four years!

We wrote more about the rate cuts, the stock market and the housing market at our main blog, The Gardyn.

I have talked in past the housing market in Madison is slowing more on psychological reasons, instead of a fundamental reasons. This will probably help many buyers that are sitting on the fence start get more serious.

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Dane County Days On Market

We looked at total number of single family homes that had been listed in Cottage Grove starting at January 1st, 07 thru to today. We then looked at the total number of single family homes that had sold in Cottage Grove in that same time period.

Cottage Grove real estate sales have been fairly consistent up til this year. There has been a drop off in sales, down to 81 total single family homes sold, in comparision to a high in 2003 of 144. The amount of homes for sale on the Cottage Grove real estate market has been steady. Even though sales have dropped this year, it’s good news that the amount of homes for sale has not increased. Some other Dane County communities are not so lucky.

*These stats only include single family homes and do not include condo data

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Dane County Market Update: July

Visit The Gardyn for real estate tips and general info on the Dane County real estate market

Bringing you information about real estate, specifically real estate in the Cottage Grove, Wisconsin area. The real estate market and the condo market have been hot in Dane County over the last few years but are now experiencing a slow down. We will be keeping you up to date of the Cottage Grove real estate market stats, real estate trends, and real estate data you want to make great decisions in housing for you and your family.

Cottage Grove Area Real Estate is a blog from Edyn Real Estate. Edyn Real Estate’s main blog is the The Gardyn. You can find general info about the Dane County Real Estate market, real estate info and industry updates at The Gardyn.

For info on Cottage Grove Wisconsin real estate though, you are where you need to be.