Although our final numbers aren't in yet, we believe December will prove to be a strong month for the Dane County single family home market. Our team has had a very busy December after the market picked up steam the month before. Stay tuned for our December market update. In the meantime here's our quick market snapshot for the month of November.
November market snapshot
The Dane County single family home market had cooled noticeably for 3 straight months but rebounded nicely in November with a 7% increase in single family home accepted offers. According to our MLS data below, accepted offers increased from 326 in November of 2017 to 349 in November of 2018. Last month's increase followed 3 straight months of year-over-year declines, where offers had decreased by 10%, 16%, and 8% in August, September, and October, respectively.
In the City of Madison, November accepted offers increased by 14% after decreasing by 15%, 27% and 11% in the three previous months. There's no doubt the slow-down earlier this fall was due in part to the heavy rains and flooding that hit the city of Madison very hard.
What will the market bring us in 2019? With rising interest rates, we're predicting a more balanced market with slightly fewer sales, a little more inventory, and a moderation in price growth. Of course we'll keep you up-to-date as the market unfolds in 2019.
Do you have questions about how current market conditions affect your plans to buy or sell property in the Madison area? Reach out to Mad City Dream Homes, and one of our full-time agents will follow up with a short consultation.
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred