Here's our latest objective look at the home and condo markets in Madison, Wisconsin. For more information on the larger market in Dane County, check out this recent update on our blog.
Madison home and condo prices
Madison single family home prices reached an all-time high in July, increasing by 4% in the month and 4% year-to-date.
Madison condo prices also set a new record in July. Condo prices increased by 4% year-over-year and were higher by 2% year-to-date.
Madison accepted offers
Single family home accepted offers decreased by 10% in July and by 6% year-to-date. From an historical perspective, buyer activity was still quite strong in the month of July.
Condo accepted offers increased by 10% year-over-year and decreased by 7% year-to-date. Low inventory is limiting the number of offers being written in the Madison condo market.
Home and condo sales
Madison home sales were essentially even with last July and lower by 7% year-to-date. Home sales would be higher in 2019 if more supply was available for sale.
Condo sales were higher by 3% in July but lower by 7% year-to-date. Low supply is limiting the number of sold condo listings in 2019.
Days on market
The days on market for single family homes continued to trend along historically low levels. This low number is indicative of a favorable sellers market.
Thanks to high demand and low supply, the days on market for Madison condos continues to trend along historically low levels, too.
New MLS listings
New single family home listings were at their lowest level since the year 2000. Only 242 homes were listed for sale in July.
New condo listings have essentially been flat over the last 7 years. Low listing activity is keeping the supply of condos at historically low levels.
Right now there are only 1.6 months of single family home supply in Madison, with 35% of all listings under contract with an accepted offer. Listings priced under the $300,000 are the hottest segment of the Madison single family home market.
Currently there are only 2 months of Madison condo supply, with 36% of all listings under contract. Condos priced under $200,000 are in especially high demand right now.
Expired MLS listings
More single family home listings are expiring in Madison, but the amount is still very low when compared to expired listing totals over the last 20 years.
Condo listings are also expiring more frequently. Expired condos listings are still quite low when viewed from an historical perspective.
Moving into the autumn market
The fall market can be a great market for people who sell their starter home and move into a larger, higher-priced home. That's because there are plenty of buyers searching for a starter home 12 months out of the year. Plus, moving up to a higher-priced home in the fall can be a little easier than trying to purchase in the spring. Generally speaking there are fewer competing offers and fewer bidding wars for higher priced homes in the autumn market.
Please reach out to us with any questions you have about buying or selling in the fall season. We're here to help you achieve all of your real estate goals 365 days a year.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred