What's going on with Madison area real estate? The story of the year so far is low inventory. Here's our latest snapshot of the Dane County single family home market -- covering the first 6 weeks of 2021.
Percent of listings with accepted offers
Right now 54% of all Dane County single family home listings are under contract with an accepted offer, which is a very high number for this time of year. The market for homes priced under $500,000 is especially competitive.
Months of supply
Right now there are only .6 months of single family home supply throughout all of Dane County. Inventory is especially low for homes priced under $500,000.
New MLS listings
Dane County property owners have been slow to put their homes up for sale in early 2021. New single family home listings were down 32% from last January, and were the lowest on record -- dating back to at least the year 2000.
Accepted offers fell by 14% in January, but don't let this statistic fool you. There were actually more accepted offers in January (365) than new listings (348). Buyers are gobbling up new inventory -- and then some. There are more buyers than sellers in early 2021.
Home sales jumped by 4% in January and established a new high for the month. A record number of accepted offers in November led to a record number of closings in January.
Dane County home prices
Madison area home prices set a new record in January - jumping by 8%. Home prices are accelerating at a very fast pace due to heavy buyer competition. Prices jumped by 8% and 13% in November and December, respectively.
Days on market
Dane County homes sold at the fastest pace on record for the month of January.
A record low number of listings expired without selling in January, which is an indicator of a hot sellers' market.
What questions do you have about this year's unique market?
We're fielding a ton of questions from buyers and sellers in early 2021. Sellers want to know how they can best leverage the current market conditions, while buyers are looking for all the guidance they can get on how to find and buy their dream home.
If you're planning to buy and/or sell this year, please reach out to your preferred Mad City Dream Homes real estate agent with all of your questions and concerns. Our team helped over 200 clients successfully navigate last year's low inventory market, and we have all the skills and expertise you need to successfully navigate the market in 2021, too.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred