The Madison single family home market continued to show rapid price appreciation in May. The May price per square foot was $158 which was up 12 percent from $142 per square foot in May of 2016. Prices in May were well above the market peak from 10 years ago.
Through the first 5 months of the year, the price per square foot was $153, an increase of 11% from $138 through the first 5 months of 2016.
Days on market are at record lows.
Single family homes are selling at the fastest pace ever. The average days on market in May was only 28 days.
Year-to-date through May, the average days on market was only 41 days, also a record low.
Inventory remains scarce.
Only 1.4 months of supply were available for sale as of June…