We recently wrote how the city of Madison has become a perpetual seller's market. Our latest single family home and condo reports show the month of May was no exception. Here's a short summary of the latest market trends in Madison.
Home and condo inventory
The Madison single family home market has had less than 2 months of supply since December of 2015. Right now there are only 1.2 months of inventory in the city, which is down from 1.4 months from the same time last year.
Supply is also very low in the local condo market. Right now there are only 1.3 months of inventory available for sale in the Madison condo market, which is down from 1.5 months in June of 2017.
New MLS listings
New MLS listings are in short supply in 2018 - and keeping inventories low. Through the month of May, single family home listings are at their lowest level since the year 2000.
New Condo listings are also entering the market at a very slow pace.
Home and condo days on market
Single family homes are selling at the fastest pace ever. Through the month of May, the average days on market for a Madison single family home listing is only 33 days.
Condos are also selling very quickly. The average condo listing is selling in only 37 days.
Home and condo prices
The average price per square foot for a Madison single family home has reached a new high and is 4% above the previous record high from 2017.
Condo values are also at new highs. Through the month of May the average price per square foot is up 11% from last year.
Opportunities for sellers in Madison's low inventory market
Thanks to perpetually low supply, many price points and locations are now hot seller's markets 12 months out of the year. If you're thinking of selling this summer or fall, give us a call, and we'll help you obtain a solid understanding of your home's value and the current market conditions in your area.
Opportunities for buyers
As we recently wrote in this article, the summertime is a good time for buyers to stay motivated and focused on their search. Compared to the springtime, the summer season is a more balanced market. Buyers who consistently work their plan 12 months out of the year will be rewarded for their efforts in 2018.
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred