Low inventory and rising prices continue to be the dominant themes in the Madison area real estate market. Here's our latest snapshot covering the month of April, 2021.
New MLS listings
Outside of last April's numbers (which were the result of the COVID shutdown), new MLS listings entered the market at the slowest pace since the year 2000. On a year-to-date basis, Dane County listings are down 10% from the year before.
Inventory and percent of listings with accepted offers
As of May 5th, only half a month of single family home inventory was available for sale in Dane County -- which is the lowest level we have ever seen in our market. Overall, 67% of all listings are under contract with an accepted offer. The market for homes priced under $500,000 is extremely competitive right now.
Competing offers
Our competing offer data through March shows the percent of listings receiving multiple offers continues to set new records each month in 2021.
Dane County accepted offers
Single family accepted offers were up from last April's COVID-impacted numbers, but were lower compared to most other Aprils in the past decade.
Dane County home sales
Although sales were down from the number of sales recorded last April, closings would have been much higher if more supply was available for sale.
Dane County home prices
The price per square foot increased by 14% from last April and by 11% year-to-date.
Do you have questions about how to achieve your real estate goals 2021?
Our market is changing quickly. Please reach out to your preferred Mad City Dream Homes realtor for a helpful conversation. We can make your move happen in 2021.
