July Madison area home report

Posted by Dan Miller, REALTOR on Monday, August 22nd, 2022 at 6:09am.

Here's our latest scoop on the Dane County single family home market, updated through the month of July, 2022.

Available single family home listings

As of August 11th, 573 single family home listings were available for sale in Dane County. Although active listings have increased dramatically since the spring of 2022, the rate of growth has leveled off in recent weeks. A low supply of incoming listings has contributed to the leveling off of available inventory (see below).

Madison WI MLS Inventory Aug 11 2022

New single family home listings

Only 566 new single family home listings entered the Dane County real estate market in July. This represented a 25% decrease from July of 2021, and the lowest total for any month of July since the year 2000. Why are listings entering the market at such a slow pace? This recent blog post offers a few takes on this topic. 

New Madison MLS Listings July 2022

Accepted offers

Accepted offers were the lowest for any month of July since July of 2016. In part due to lower demand and higher interest rates. Low inventory is limiting the number of signed contracts, too. 

Dane County Single Family AOs July 2022

Competing offers

Our preliminary data through the month of June shows 53% of all signed contracts involved multiple offers. Although this is a very high percentage from an historical perspective, the competing offer percentage is beginning to trend closer to the percentages from prior years. This is a sign that the Madison area single family home market is trending toward a more balanced market.

Madison Competing Offers June 2022

Madison area home sales

Dane County home sales (or closings) decreased 21% in July and 11% year-to-date.

Madison WI Home Sales July 2022

Dane County home prices

The price per square foot was $213, which was another new record for the Madison area single family home market.

Dane County WI Home Prices July 2022

Will home prices fall in the Madison area?

Although we do expect the rate of price growth to decrease, we don't expect prices to decrease. That's because there are several market forces at play which will maintain strong demand while limiting supply in Dane County. This blog post from earlier this year does a good job of explaining why we fully expect Dane County real estate will remain an excellent long-term investment.

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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