January was another strong month for the Dane County single family home market. Here's our latest update from the South Central Wisconsin MLS:
Dane County single family home sales
January home sales reached the second highest total on record and were up 14% from the sales levels in January of 2019.
Dane County home prices
The price per square foot reached a record high in January, setting the stage for more strong price growth in 2020. Prices were up 5% year-over-year in January.
Dane County accepted offers
Accepted offers were down from each of the last 2 years, but were still strong compared to most other years dating back to the year 2000.
New MLS listings
New listings continue to enter the market at a slow pace. Since the year 2000, only 3 months have had lower listing activity than January of 2020. As we wrote in this recent article, we expect this trend to continue for the foreseeable future. Sellers can expect another favorable market this year, while buyers should expect another very competitive market in 2020.
February 9th inventory snapshot
As of February 9th, there are only 1.4 months of single family home supply in Dane County. Thirty-four percent of all listings are under contract with an accepted offer. For properties priced under $300,000, the percentage of listings under contract with an accepted offer is very high - a sign of a very favorable market for sellers. This year is a good year for owners whose goal is to sell their affordably-priced home and then move up to a home in a higher price category.
Days on market
The average days on market for a Dane County home continued to trend near historically low levels.
Expired single family home listings
Expired listings are also trending along historically low levels.
Our 2020 outlook
We expect this year to be another strong year for Madison area sellers. However, every location and every price range has its own unique market. If you'd like more information on your home's value in this year's market, please reach out to your go-to Mad City Dream Homes agent. If you're planning to buy this year, our team is well-prepared to help you succeed in this year's competitive market. Please contact us for a short consultation, and together we'll lay out a plan that will help you succeed in 2020.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred