May 2021 Madison area single family home update

Posted by Dan Miller, REALTOR on Monday, June 7th, 2021 at 1:13pm.

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. 

Madison WI New MLS listings May 2021 

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. 

Madison WI Percent of Listings with accepted offers June 2021 

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. 

Madison WI Competing Offers April 2021 

Single family home accepted offers

A lack of supply limited the number of contracts signed in May. 

Madison WI Accepted Offers May 2021 

Single family home sales

A lack of inventory also limited the number of closings in May. 

Madison WI Home Sales May 2021 

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. 

 Madison WI home prices May 2021

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
1619 Monroe Street #1, Madison, WI, 53711

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