June was another strong month for real estate in the Madison, Wisconsin area. Here's our quick summary of how the Dane County single family home market performed last month.
Madison area home prices increased 4% year-over-year and 5% year-to-date.
The price per square foot reached a new high in the month of June.
New MLS listings were lower by 14% during the month and 14% year-to-date.
A lack of fresh supply is benefiting home sellers in 2020. June listings were at their lowest level since 2011.
This graph shows new listing activity by week for the first 6 months of the year. MLS listings have been trending lower since the end of March.
Despite low inventory, buyers were very active in the month of June.
The number of offers accepted in June was very close to a record high. Accepted offers were down 7% year-to-date.
As you can see from the graph below, buyer activity typically drops around the 4th of July holiday.
A majority of the listings priced under $350,000 are under contract and and closing soon.
The under $300,000 market is especially hot right now.
Sold listings were down 17% in June and 5% year-to-date.
Low inventory this spring limited the number of closings that took place in June.
The average days on market was the lowest on record for the month of June.
This is another indicator of a strong market for sellers.
Stay tuned for our Madison area condo update
We'll be publishing the latest trends in the Dane County condo market very soon. In the meantime, please reach out to your preferred Mad City Dream Homes real estate agent with any questions you have about buying, selling, or the status of the market in 2020. We're here to help you plan for success and accomplish all of your real estate goals in any kind of market.
