It's only February 1st but it's already beginning to feel like a Spring market. So far this year 4 of our transactions have involved cash offers. One of our listing clients just received 4 cash offers - all of them for above the list price. 

Single family homes are in short supply, and buyers are adjusting their tactics accordingly. Here's a quick overview of the competitive real estate market in Dane County.  

Madison Single Family Homes

The real estate market in Madison is hot under $400,000. Overall there are only 1.1 months of inventory available for sale. Almost one-third of all single family home listings have an accepted offer (a high percentage for this time of year).

Fitchburg Single Family Homes

The Fitchburg real estate

The market for single family homes in Verona certainly favors sellers over buyers. On the surface this doesn't appear to be the case when you look at the number of homes sold in July. After all, there were only 23 homes sold in July, compared to 37 in July of 2014 and 28 in July of 2013. What these numbers don't show is that the supply of MLS listings is historically low. Although the demand for Verona real estate is very strong, a dearth of inventory is putting a cap on sales and driving prices higher. 

The graph below shows how the July average Verona home price has been trending over time. Excluding the outlier month of July 2006 (when a few luxury sales drove the average price higher), July home prices reached an all-time high in 2015.