The Madison real estate market has changed from the fever pitch that characterized the months of March, April, May and June. The graph below shows how the market is changing. Each bar represents a snapshot of the single family home market taken mid-month. Each number reflects the percent of all Madison single family home listings that had an accepted offer at the time of the snapshot.
What Does the Data Say about the Spring Market?
If you were searching for a home in March, April, May or June, over 50% of the listings you viewed online were already under contract and scheduled for closing. These were wild and crazy times. Many new listings sold in a matter of days or even hours - after receiving multiple competing offers. Some buyers put their search on hold because they felt they couldn't compete with all of the other buyers who were bidding on the same properties.
What Does the Data Say about the Months Ahead?
The data shows us we're entered a more balanced market. For the first time in 9 months, accepted offers are below 30%. This percentage will continue to moderate as we approach November and December This means right now is a great time for buyers to renew their property search. There will be fewer competing buyers and fewer bidding wars in the months ahead. It bucks the norm, but buying right now is a smart play.
Do you have questions about buying a home, condo or investment property? Contact us for a short consultation.
This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711
