If you're thinking of selling your home in 2021, now is the time to put your home on the market, even though we're in the middle the winter season. Here's why: so far this year new listings are entering the market at an extremely slow pace. And with so much demand in the marketplace, many sellers are receiving multiple offers and selling for tens of thousands of dollars over the list.
For a little more context, here's a quick look at how new MLS listings are trending in early 2021.
Dane County new single family home listings
New single family home listings reached a new low in January and fell by 32 percent from January of 2020. Last month was the only January on record to log fewer than 400 new listings.
Dane County new condo listings
New condo listings were also historically low in January, coming in at the 3rd lowest on the record.
What to expect in 2021
As we recently wrote in our 2021 predictions, we expect home and condo sales to be very strong this year, but first this will require more property owners to put their homes on the market. We do expect home and condo inventory to loosen up somewhat as the weather warms and as more people receive their COVID-19 vaccine. In the meantime, the month of February offers a rare opportunity for many sellers in Dane County.
If you're wondering what your home is worth in this year's unique market, please contact one of our real estate professionals for a market analysis and a customized marketing plan for your home.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred