A November to remember for Madison real estate

Posted by Dan Miller, REALTOR on Tuesday, December 15th, 2020 at 7:28am.

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.  

 Madison WI Home Sales Nov 2020 

Accepted offers

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. 

Madison Single Family Accepted Offers Nov 2020

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.  

Madison Homes with Accepted Offers Dec 2020

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 WI New MLS Listings Nov 2020 

Home prices

Madison area home prices set a new record in November, increasing by 8% year-over-year and 6% year-to-date. 

Madison WI home prices November 2020 

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. 

Madison WI Single Family Days on Market Nov 2020 

Expired listings

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. 

Madison WI Single Family expired listings Jan 2020

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
610 Junction Road #205, Madison, WI, 53717

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