Wondering what's going on with the Madison area real estate market? Check out our brief snapshot below, which shows the latest trends for both homes and condos.
Buyer activity was below expectations during the first quarter of the year, but picked up significantly in April and May. Dane County single family home accepted offers increased by 1% in May, and were lower by 8% year-to-date.
Condo accepted offers were lower by 5% in the month of May and by 10% year-to-date.
Single family home sales (closings) increased by 8% in May and were lower by 3% year-to-date.
Condo sales were up 4% for the month and down 5% year-to-date.
Expired listings are increasing in 2019, as we predicted in this earlier article. Single family home expired listings increased by 72% in May and by 22% year-to-date. The market has shifted a little bit in 2019, and some sellers have failed to change to with it.
Expired condo listings increased for the 4th time in 5 months, and were up by 5% through the month of May.
New MLS listings
New single family home listings were even with last May and down 6% year-to-date, keeping inventory low.
New MLS condo listings increased in May but remained lower by 7 percent year-to-date.
Right now there are only 2.1 months of single family home supply. 41% of all listings are under contract with an accepted offer. Listings priced under $300,000 are especially competitive, with well over 50% of these listings under contract.
There are only 1.5 months of condo supply on the market, with 45% of all listings under contract. Condos priced under $250,000 are the hottest listings in our market, but buyers will find much less competition at price points $400,000 and above.
Days on market
Single family days on market increased for the 5th straight month and were up by 8 days in the month of May.
Condo days on market increased by 1 day in May, but were lower by 3 days year-to-date.
Price per square foot
Prices were up 1% in May and 2% year-to-date.
Condo prices increased by 5% in May and 2% year-to-date.
The average home price increased by 3% in May and 4% year-to-date.
The average condo price increased by 8% in May and 2% year-to-date.
Looking ahead to the summer real estate market
As we move from our over-heated spring market to a more balanced summer market, buyers will learn there is less competition in the summertime compared to March, April and May. Sellers will begin to experience fewer showings, and marketing times will increase. Some sellers will adjust to the summertime market by lowering their price, and price changes will occur with greater frequency in the months ahead. If you have questions about how to accomplish your real estate goals this summer, please reach out to us for a helpful and no-obligation consultation.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred