Here's a quick look at the Madison area real estate market for the month of May. This preliminary market info is based on our snapshot taken on May 26th. We'll report on the full month of May once all of the final numbers are available in the month of June. As you can see from the updates below, inventory is much lower this year, and as a result many homes are selling very quickly and for high prices.
New MLS listings continue to enter the market at a slow pace.
New single family home listings have been trending much lower since the end of March. Low supply has created a very competitive market for buyers this spring.
Properties priced under $350,000 are very hot.
As of May 26th, well over 50% of the single family homes priced under $350,000 are under contract and scheduled to close soon.
Home prices continue to rise.
Our preliminary snapshot taken on May 26th shows single family home prices are still rising in Dane County.
Days on market are trending near historic lows.
Many homes are selling very quickly in the year's low supply market.
Do you need guidance on how to buy or sell in this year's market?
Contact your preferred Mad City Dream Homes agent for a conversation about your real estate goals. We're helping many clients safely and successfully navigate the COVID-19 market, and we're well-prepared to help you buy your dream home and sell for top dollar in 2020.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred