Dane County home prices rose 16% in March, as high demand and low inventory continued to create an ideal market for sellers. Here are all of the latest trends for the Dane County single family home market, covering the month of March, 2022.
New single family home listings
A total of 644 single family homes were listed for sale in the month of March, which was the lowest March total on record (our data goes back to 1999). Listing volume decreased by 14% year-over-year and by 16% year-to-date.
When we break our data into weekly trends, we see for the first time this year, the number of new listings increased when compared to the same week from the year before. A total of 175 homes were listed for sale during the 14th week of 2022, compared to 147 listings in the 14th week of 2021. We'll continue to monitor listing activity very closely as we progress throughout the year.
Active listings and months of inventory
As of April 10th, only 321 single family homes and .6 months of supply were available for sale in Dane County. Inventory in the under $400,000 price range continues to be very tight.
Competing offers
Our preliminary data through the month of February shows 62% of all offers accepted in the month of February involved offers from multiple buyers, which is up from the previous record of 42% in February of 2021. The competition for new listings is off the charts in early 2022.
Home prices
When competing offers are at record-high levels, we expect record-high home prices to follow. This has been our experience in 2022, with the price per square foot increasing by 16% in the month of March and by 16% through the first three months of the year. Note the median price in the month of March was $394,048, and the average price was $439,343. Roughly half of the homes in Dane County are now selling for over $400,000.
Accepted offers
Low supply has continued to limit accepted offers in early 2022.
Home sales
Even though inventory is trending along record-low levels, single family home sales are still relatively high when viewed from an historical perspective.
Who should you consult with in 2022?
With so many realtors in the Madison area, and with so much noise in the media and social media, it can be hard to know who and what to trust. We are here to serve the role as your trusted real estate experts -- in 2022 and for many years to come. Please call on us anytime you have questions about buying, selling, or the latest market trends. We're always available to answer your questions and share our honest opinions and advice.
