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).
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.
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.
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 area home sales
Dane County home sales (or closings) decreased 21% in July and 11% year-to-date.
Dane County home prices
The price per square foot was $213, which was another new record for the Madison area single family home market.
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.
