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. 

Accepted offers

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. 

 Madison WI Accepted Offers November 2019

Ninety-eight condos received accepted offers in November, which was the 6th highest total over the last 20 years. 

Madison WI Condo Accepted Offers Nov 2019 

Sold listings

In November, 473 single family home listings sold to new owners. This was the second-highest total on record for the month. 

 Madison WI Sold Single Family Listings November 2019

A total of 131 condos sold last month, which was the highest total on record for the month of November. 

Madison WI Sold MLS Condo Listings Nov 2019 

Expired Listings

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. 

Madison Expired Single Family Listings November 2019

Only 22 condo listings expired last month, which was a new low for the Dane County condo market. 

Madison WI Condo Expired Listings Nov 2019 

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. 

Madison WI Single Family Days on Market November 2019

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. 

Madison WI Condo Days on Market November 2019 

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. 

Madison WI New MLS Listings Nov 2019 

A total of 67 Dane County condo listings were posted to the South Central WI MLS in November, which was the lowest on record. 

New Madison WI MLS Condo Listings Nov 2019 

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. 

Madison WI Home Prices November 2019

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. 

Madison WI Condo Prices November 2019 

Inventory

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. 

Madison WI MLS Inventory Nov 2019 

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. 

 Madison WI Condo Supply Nov 2019

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. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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