We've updated our trend reports for the Madison single family home and condo markets, and the major theme continues to be low inventory. As of October 17th, only 1.7 months of supply are available for sale in the Madison single family home market. The single family market has now had less than 2 months of supply for 23 straight months. Inventory is especially tight for houses priced under $350,000.
The condo market also has only 1.7 months of supply. Condos priced under $250,000 are in highest demand right now.
In September, the Madison single family home price per square foot was $155, which was a record high and up 7% from last year. Year-to-date the price per square foot is up 10%.
The condo price per square foot in September was $148, which was up 9% from last year. Year-to-date the price per square foot is up by a whopping 12%.
Single Family Days on Market
In September, the average days on market for a Madison single family home was only 28 days. This was a record low for the month of September.
Condo Days on Market
The average days on market for a Madison condo was only 22 days, also a record low.
Expired Single Family Listings
Only 45 listings expired without selling in September, which was one of the lowest expired listing totals on record.
Expired Condo Listings
Only 9 condo listings expired, which was the second lowest on record for the month of September.
All of our latest numbers indicate a strong seller's market, but keep in mind our September price statistics are based on offers that were written in July and August (2 to 3 months in the past). As we shift into the month of November, buyers gain the upper hand due to the seasonal cooling of the market. For buyers, the holiday season is a time real of opportunity. Sellers, if they are to be successful, need to understand the holiday shift and resist the temptation to overprice.
Of course every sale is unique. There are some price points and some locations that are favorable to sellers every month of the year. Give us a call if you have questions about your individual market and goals. We'll schedule a short meeting and help you move forward with a well thought out plan.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred