Here's our latest summary of the Dane County real estate market. For more information on the market in your particular neighborhood or condo association, please reach out to your favorite Mad City Dream Homes agent.
Mortgage rates dropped in August and Madison area home buyers responded. September of 2019 was the third most active month of September on record. A total of 438 Dane County single family home listings received accepted offers, which was up 9% year-over-year.
Condo accepted offers decreased, but still came in at the 6th highest level on record for the month of September. Inventory is especially tight in the Madison area condo market, and is limiting buyer activity in 2019. We cover condo supply a little later in this post.
September was a good month for home sales (or closings). Dane County homes sales increased by 7% from September of 2018.
Condo sales decreased by 17% in September.
Overall there are 2.4 months of supply in the Dane County single family home market. Inventory is tightest in the price ranges under $300,000, where a relatively high percentage of listings are under contract.
Condo inventory is even tighter, with only 2.1 months of supply available for sale in the Madison area condo market. Inventory is tightest in the price ranges under $250,000.
New single family home listings increased in September, but remained low when viewed from an historical perspective.
New condo listings were essentially even with last year. A low supply of incoming listings is restricting condo sales in the Madison area.
Expired single family home listings are beginning to rise in 2019, but were just above the historical low in September.
Expired condo listings were also low when viewed from an historical perspective.
Dane County single family home prices increased by 2 percent in the month of September and reached an all-time high.
Dane County condo prices decreased by 1% in September and were higher by 3% year-to-date.
How will the market perform in 2020?
Stay tuned for our 2020 Madison area real estate predictions, which we'll be releasing toward the end of the year. In the meantime, please feel free to contact us with all of your real estate needs and questions.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred