Even though there's so much turbulence in the world around us, many Madison area home sellers are experiencing a tremendous amount of success in this year's low inventory market. Here's our quick snapshot of the Dane County single family home market - updated through May, 2020.
Madison area home prices are at record highs.
The May price per square foot increased by 4% year-over-year and 5% year-to-date.
Marketing times are near historic lows.
The average of 28 days on market was the second lowest on record for the month of May.
New MLS listings are entering the market at a slow pace.
New listings were down 33% in May and were lower by 15% year-to-date.
Months of supply are low.
Inventory is low, and especially so for homes priced under $350,000. Overall there are just 1.5 months of supply available in the Dane County single family home market. Within the city of Madison, there are only .8 months of supply available for sale.
Accepted offers are trending lower in this year's low supply market.
Due to low inventory levels, accepted offers decreased by 19% in May and 11% year-to-date.
Home sales are trending lower, too.
Home sales were down 18% in May and 1% year-to-date.
For more information on the Madison single family home market:
Check out our comprehensive report updated through the month of May, here.
For more information on how to successfully buy and sell in 2020:
Contact your preferred Mad City Dream Homes real estate agent and schedule a short consultation. We're always prepared to help you buy your dream home and sell for top dollar - in any kind of market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred