October was yet another record-setting month for the Dane County single family home market. Here's our latest update covering all of the most important trends.
Dane County home prices
Madison area home sellers continue to lock in record-high prices this fall. The average price per square foot rose by 14% from last October and by 12% over the first 10 months of the year. The median price was up by 6% in October, and the average price up by 4%.
Dane County home sales
Madison area home sales decreased 13% from last October's record-setting pace. Even so, sales were very strong from an historical perspective, registering the second highest total on record for the month.
Contract signings were also very strong in October. Although accepted offers decreased 13% from last October, they did come in at at the second highest total on record for the month.
New MLS listings
New MLS listings continued to enter the market at a slow pace in October. Listings were down 12% year-over-over and 3% year-to-date. A lack of fresh housing supply will lead to plenty of competing offers and more record-high prices in the months ahead.
Dane County inventory
As of November 8th, there are only 479 homes without accepted offers across the whole county, and only .8 months of supply. Both of these numbers are very low for this time of year. The number of listings under contract (50%) is very high. Conditions are ripe for more price appreciation in the months ahead.
Our preliminary data for the month of September shows the percentage of listings receiving multiple offers continues to set new records this fall. We expect competing offers to increase significantly early next spring, as it typically does according to the normal seasonality of our market. Because of this, we're encouraging all of our buyer clients to consider buying a home this winter, before the hyper-competitive spring market kicks in.
Days on market
The average days on market rose to 22 days in October, which was still a record low for the month.
How does the fall market impact you and your real estate goals?
Please reach out to your preferred Mad City Dream Homes realtor for a helpful conversation. We're here to help you accomplish all of your real estate dreams and goals -- any time of year, and in any type of market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred