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 condo prices are also at an all-time high and are 3 percent higher through the month of August.
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.
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.
August home and condo sales
Home sales through the month of August were near historical highs, but lower 3% year-to-date.
Condo sales were lower by 17% in August and 8% year-to-date.
August expired listings
Single family home listings are expiring at a greater frequency but remain low by historical standards.
Condo listings are beginning to expire more frequently, too.
Days on market
The days on market for single family homes are rising, but still remain quite low from an historical perspective.
Condo marketing times continue to trend along historically low levels.
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.
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.
August new listings
Single family home listings have essentially plateaued.
The same goes for condo listings. New construction condos are relatively rare in today's market.
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