Dane County home prices increased once again in October, although by smaller amounts than in previous months.
Dane County home prices
On a year-over-year basis:
The price per square foot increased from $218 to $228 (4 percent).
The average increased from $470,079 to $482,742 (3 percent).
The median price was even at $415,000.
Through the first 10 months of the year:
The price per square foot increased from $213 to $225 (5 percent).
The average increased from $467,547 to $498,938 (7 percent).
And the median increased from $415,000 to $439,554 (6 percent).
Prices remain high because listing activity remains low. Only 379 Dane County homes were listed for sale in the month of October, which was the lowest on record for the month.
As a result, available listings (those without an accepted offer) are running low, as well. Only 570 Dane County homes (or 1.5 months of supply) were available for sale on November 5th. This is slightly above the available listing totals from each of the last two Novembers.
Dane County contract signings continue to trend lower due to a lack of new listings. Only 369 listings went under contract last month, which was the lowest total for any month of October since 2013.
The percentage of listings receiving multiple offers continues to run much higher than an in the pre-pandemic market. This is one clear sign of pent-up demand in the Madison area, where buyers outnumber sellers in our low supply market.
Cash offers are occurring much more often, too, which is another clear sign of pent-up demand.
Days on market
Historically low marketing times are another clear sign of pent-up demand. The average days on market in October was only 20 days, which was the lowest on record for the month.
Dane County home sales
October home sales registered their lowest total in the last 12 years. A lack of new listings is limiting the number of sales in Dane County.
Where will the Madison area real estate market go from here?
Stay tuned for our 2024 real estate predictions, which we'll be releasing in the coming weeks. In the meantime, we encourage you to please reach out to us with all of your real estate questions. We'd love to help.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred