The Dane County real estate market continued to exceed all expectations in the month of October. Here's our latest summary of the Madison area real estate market, for both single family homes and condos.
Home and condo sales
Dane County single family home sales set a new record in October, increasing by 37% from last October, and by 5% year-to-date.
Condo sales nearly reached an all-time high. Closings increased by 30% in October and by 10% through the first 10 months of 2020.
Single family home accepted offers set a new record for the month of October. Based on this forward-looking indicator, we expect home sales to set a new record in the month of November, too.
Accepted offers for condominiums also set a new record. We expect a record number of closings in November based on the number of contracts written in October.
Days on market
The single family home days on market in October was only 26 days - a record low for the month.
Dane County condos also sold at a very brisk pace. The days on market was the 3rd lowest on record dating back to the year 2000.
Percent under contract and months of supply
The single family home market is very tight right now. Only 1.1 months of supply are available sale, and 49% of all MLS listings are under contract. Both of these numbers indicate a market that's favorable to sellers. The market is especially tight for listings priced under $400,000.
The Madison area condo market is also very tight. Only 1.5 months of inventory are available for sale, and 43% of all condo listings are under contract. The under $350,000 market is especially competitive.
Home and condo prices
Madison area home prices set a new record for the month. The price per square foot increased by 3% in October and by 5% through the first 10 months of the year.
Madison area condo prices also reached a new high. The price per square foot jumped by 5% in October and 4% year-to-date.
What does the future hold for the Madison real estate market?
We'll be sharing our predictions for the 2021 market real soon. In the meantime, our sense is the mid-November market remains very active for this time of year.
Are you contemplating buying or selling in the near future? Please reach out to your favorite Mad City Dream Homes agent with all of your real estate questions. We're always prepared to assist you with our best service and advice.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred