The month of May was another very favorable month for Madison area home sellers. Here's our quick snapshot of the Dane County single family home market.
New MLS listings
Only 713 new MLS listings entered the market in the month of May, which was one of the lower new listing totals going back to the year 2000.
Months of supply and percent of listings with accepted offers
As of June 7th, 58% of all listings were under contract with an accepted offer, which was lower than the 67% recorded last month. Right now there are .8 months of supply, which is up from .5 months in May. Single family home inventory is not quite as tight as it was during the peak spring market.
Percent of listings receiving multiple offers
Our competing offer data through the month of April shows the percent of listings receiving multiple offers continues to set new records with each new month in 2021. We expect more of the same when our May competing offer data becomes available.
Single family home accepted offers
A lack of supply limited the number of contracts signed in May.
Single family home sales
A lack of inventory also limited the number of closings in May.
Dane County home prices
The price per square foot set a new record in May, increasing by 14% from May of 2020. Madison area home prices were up 11% through the first five months of the year.
Stay tuned for our latest Dane County condo update
We'll be sharing the latest Madison area condo trends real soon. In the meantime, please contact your preferred Mad City Dream Homes realtor for any questions you have about buying, selling or investing in this year's unique market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred