August and September Madison area real estate update

Posted by Dan Miller, REALTOR on Wednesday, October 2nd, 2019 at 7:31am.

We've summarized our latest snapshot of the Madison area single family home and condo markets below. For more thoughts on the opportunities available to buyers and sellers this fall, check out this recent blog post

August home and condo prices

Dane County home prices are at an all-time high and have risen 2 percent through the month of August. 

Dane County WI Home Prices Aug 2019

Dane County condo prices are also at an all-time high and are 3 percent higher through the month of August. 

Madison Area Condo Prices August 2019 

August accepted offers

Dane County home buyers were active in the month of August. Accepted offers rose by 3% for the month and were lower by 4% year-to-date. 

 Madison Area Single Family Accepted Offers Aug 2019

Accepted offers in the condo market were lower by 11% in August and by 9% year-to-date. A lack of affordable inventory is hampering buyer activity in 2019. 

Madison Area Condo Accepted Offers August 2019 

August home and condo sales 

Home sales through the month of August were near historical highs, but lower 3% year-to-date. 

Dane County Home Sales August 2019

Condo sales were lower by 17% in August and 8% year-to-date. 

Madison Area Condo Sales August 2019 

August expired listings

Single family home listings are expiring at a greater frequency but remain low by historical standards. 

 Madison Area Expired Single Family Home Listings

Condo listings are beginning to expire more frequently, too. 

 Expired Madison Area Condo Listings August 2019

Days on market

The days on market for single family homes are rising, but still remain quite low from an historical perspective. 

Madison Area Days on Market Aug 2019

Condo marketing times continue to trend along historically low levels. 

 Madison Area Condo Days on Market August 2019

September months of supply

Single family home inventory stands at 2.3 months of supply with 30% of all listings under contract with an accepted offer. Homes in the $150,000 to $300,000 price range are the hottest segment of the market, with close to 50% of these listings under contract. 

Dane County single family inventory september 2019 

Condo inventory is tightest for properties priced under $250,000, where there is currently less than two months of supply available for sale. Overall, there are 2.3 months of inventory with 30% of all listings under contract. 

Madison Area Condo Inventory September 2019 

August new listings

Single family home listings have essentially plateaued.  

 New Dane County MLS listings August 2019

The same goes for condo listings. New construction condos are relatively rare in today's market. 

Madison Area New Condo Listings 

Stay tuned for our 2020 real estate predictions

Later this fall we'll be releasing our predictions for the 2020 Madison area real estate market. Do you have any questions about how to achieve your buying and selling goals in the months ahead? Reach out to us anytime and we'll schedule a short consultation. 

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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