November was another record-setting month for the Madison area single family home market. Here's our latest Dane County home report covering the month of November, 2020.
Dane County home sales
Madison area home sales set a new record for the month, increasing by 13% year-over-year and 6% year-to-date.
Accepted offers also set a new record for the month, increasing by 9% year-over-year. A high number of accepted offers in November will lead to strong sales totals in December and January.
Months of supply and percent of listings under contract
Right now there are only .8 months of single family home supply available for sale on the MLS, while over 49% of all listings are under contract (a very high percentage for this time of year). Listings priced under $400,000 tend to be especially competitive in our market.
New MLS listings
New MLS listings continued to enter the market at a slow pace in November. Listing activity has been flat for the last 10 years.
Madison area home prices set a new record in November, increasing by 8% year-over-year and 6% year-to-date.
Days on market
Madison area homes are selling at the fastest pace on record. The average days on market in November was only 28 days.
Expired listings dipped to a record low for the month of November and are on pace to a reach a new annual low at the end of 2020. This is a clear sign of a seller-friendly market.
Do you have questions about your local real estate market?
Contact your preferred Mad City Dream Homes real estate agent for a complimentary consultation. Whether you're buying or selling, we're here to help you accomplish all of your real estate dreams and goals in any type of market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred