Home and condo prices rose again in July as the seller's market continued in Madison. Here's a brief market summary for the month of July.
Madison Single Family Home Market
The price per square foot rose from $146 in July of 2017 to $158 last month - a record high for the single family home market. July home prices rose 8% year-over-year and 11% year-to-date.
The days on market statistic also set a new record in the month of July - reaching a new low of only 22 days. On a year-to-date basis, the days on market averaged only 32 days, which is also a record low.
Months of supply continued to trend along historically low levels. This snapshot taken a few days ago shows there are only 1.8 months of inventory in the Madison single family home market. Supply does vary by price point and is especially tight for properties priced under $350,000. We expect prices to rise through the remainder of the year due to persistently low inventory in the single family home market.
Madison Condo Market
The condo price per square foot rose from $147 in July of 2016 to $158 last month. That's a year-over-year increase of 7% and a record high for the Madison condo market. Year-to-date prices are up 9% through the month of July.
The condo days on market reached a new low in the month of July - only 29 days. The year-to-date average for all of 2017 is only 42 days, which is also a record low.
Condo inventory remains very low. This snapshot taken only a few days ago shows there are only 1.7 months of supply listed on the MLS. Inventory is especially tight for listings priced under $250,000 (see the price ranges highlighted in yellow below). A large percentage of these more affordable listings are under contract with an accepted offer - showing there is a lot of momentum in the $250,000 and under market.
For More Market Information
Check out our full home and condo reports on our market updates page. Bear in mind our local real estate market is seasonal in nature and constantly changing throughout the year. The winter, spring, summer and fall seasons all have their own unique dynamics.
Give us a call if you're thinking of buying or selling and wondering what to expect from the fall market. We're happy to share our perspective.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred