November: another record month for Madison area real estate
Posted by Dan Miller, REALTOR on Tuesday, December 10th, 2019 at 5:52am.
November was another solid month for the Dane County real estate market, with single family home prices and accepted offers reaching a new high. Here's our short review of the latest real estate trends impacting buyers and sellers in the Madison area.
A total of 377 single family home listings received accepted offers in November, which was a new high for the month. A high number of accepted offers in November means home sales will be solid in December and January.
Ninety-eight condos received accepted offers in November, which was the 6th highest total over the last 20 years.
In November, 473 single family home listings sold to new owners. This was the second-highest total on record for the month.
A total of 131 condos sold last month, which was the highest total on record for the month of November.
A low number of single family home listings expired without selling last month. Only 124 listings expired in Novembers, which was one of the lowest totals on record.
Only 22 condo listings expired last month, which was a new low for the Dane County condo market.
Days on market
The single family average days on market for the month of November was 38 days. This was a new low for the month of November.
The average days on market for condos was 68 days. This was the highest in 5 years, but still low from an historical perspective. Note the days on market has decreased on a year-to-date basis through the month of November.
New MLS Listings
Only 299 new single family listings were posted to the MLS in November. This was the lowest total for the month going back the last 20 years.
A total of 67 Dane County condo listings were posted to the South Central WI MLS in November, which was the lowest on record.
Price per square foot
Madison area home prices reached a new high in the month of November. Prices jumped by 7% year-over-year and were higher by 3% year-to-date.
The average Madison area condo sold for $157 per square foot, which was up 4% from last November. Condo prices are also up by 4% year-to-date. Note the price from November of 2009 is an aberration due to a low number of sales that month and a few condos that sold for very high prices.
Right now there are only 1.8 months of single family home supply on the MLS. Thirty-one percent of all listings are under contract with an accepted offer. In the $100,000 - $300,000 price range, inventory is much lower, with close to 50% of these listings under contract and scheduled to close soon. Even in the month of November, it's a very competitive market for affordably priced homes in the Madison area. We expect inventory to remain low throughout all of 2020. For more information, check out our recent article covering this topic.
Right now there are 2 months of supply in the Madison area condo market, with 27% of all listings currently under contract with an accepted offer. The most active price categories are under $250,000. Right now single family homes are moving faster than condos.
The big picture
Although November and December are the slowest months for real estate in the Madison area, the market is performing well for this time of year. Right now homes are selling more quickly than condos, with a greater percentage of single family home listings under contract.
What do we expect from the market in 2020? You'll find all of our predictions in this recent article. Of course every real estate situation is unique, so please contact us with any questions you have about your specific real estate goals in the coming year.
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred