Our most recent single family home report shows 2018 is shaping up to be another strong year for sellers in the Madison area. Right now there is only 1 month of home supply in Madison, which is about as low as it can go for our market.
A closer look at inventory shows how supply has tightened over the last year:
In December of 2016, a total of 438 Madison single family homes were listed for sale on the MLS. In December of 2017, that number dipped to 376 (a decrease of 14%).
In December of 2016, 33% of single family home listings had an accepted offer. In December of 2017, the percentage increased to 39%.
In December of 2016, 1.4 months of supply were listed for sale. In December of 2017, supply decreased to just one month.
Inventory has also tightened in the Madison condo market:
In December of 2016, 290 Madison condos were listed for sale on the MLS. In December of 2017 the number of condos for sale fell to 171.
In December of 2016, 28% of all condo listings had an accepted offer. In December of 2017 the percentage jumped to 34%.
In December of 2016, 2.3 months of inventory were listed for sale. In December of 2017 supply decreased to just 1.3 months.
How can you achieve your home-buying goals in 2018?
By following these 6 resolutions for the new year. Be very intentional about your goals, and get serious about your search. Then move quickly and decisively when the right listing becomes available. You'll need to stay committed and focused in order to achieve your goals in 2018.
How can you maximize your selling price in the new year?
By focusing on the basics. Remember, your visual presentation is the most important part of your marketing plan. Consult with one of our recommended stagers, and schedule as many professional photo shoots as needed in order to get your listing pictures just right. Buyers will respond favorably when your home hits the market with a beautiful presentation.
Check out these links for more timely market info and tips: