Dane County home prices reached a new high of $219 per square foot in May, which was up 17% from $188 per square foot in May of 2021. Year-to-date, prices are up 15% from the prior year. Price increases will moderate in the coming months as inventory increases and competition decreases. Stay tuned for our monthly reports, which will always be up-to-date with the latest trends in the Madison area market.
Accepted offers
Buyer activity in May was actually quite strong even though interest rates have been rising. Accepted offers decreased 5% from the previous year and were lower by 14% year-to-date.
New MLS listings
New single family home listings were up slightly year-over-year, but remained low from an historical context. Low listing activity is one of several reasons why we believe Madison area home prices will continue to experience strong appreciation over the long-term.
Active listings
Available listings (or those without accepted offers) have been rising this spring and are currently at the highest level of the year. Note, although available inventory is rising, it is still near historically low levels.
Home sales
Madison area home sales decreased by 7 percent in May and by 7 percent year-to-date. Low inventory has limited home sales in 2022.
Days on market
The average days on market in the month of May was only 11 days, which was a new low for the Dane County real estate market. As inventory increases in the months ahead, we expect marketing times to increase, too.
Competing offers
Our preliminary data from the month of April shows the percentage of listings receiving multiple offers has been trending along record-high levels in early 2022. However, buyer competition is moderating right now. Later this year we'll see lower competing offer percentages reported in our monthly market updates.
Thoughts on our re-balancing market
As the market adjusts to rising mortgage rates, more opportunities are opening up for buyers who stay in the game and remain committed to their search. At the same time, inventory is still low, so sellers are experiencing some very nice prices this summer.
So, what goals are you hoping to accomplish? And what questions do you have about the market? Please reach out to our team with all of your real estate questions and needs. We're always available to help you in our constantly changing market.
