The Dane County real estate market set several new records in the month of October. Here's our short review of the numbers for both the single family home and condo markets.
Price per square foot
Dane county home prices established a new high for the month of October. The price per square foot increased by 3% year-over-year and 3% year-to-date.
Condo prices also reached a new record high in October. The condo price per square foot increased by 9% year-over-year and by 4% year-to-date.
Single family home accepted offers established a new high in the month of October, increasing by 3% year-over-year and decreasing by 1% year-to-date. We expect solid sales totals in November and December based on the number of offers accepted in October.
A total of 123 Dane County condos received accepted offers in October, which was the 4th highest total on record for the month. Note, buyer activity would be much higher if more affordable condos were available for sale. A lack of affordable supply is limiting the number of offers being written in the Madison area condo market.
October was a good month for closings. A total of 444 single family home listings sold in October, which was the 4th highest on record for the month.
Condo sales in October were down significantly from last year, but still weighed in at the 6th highest total on record. As we noted above, a lack of affordable inventory is limiting condo sales in the Madison area.
Days on market
The days on market for single family homes set a new record low for the month. The average home sale required only 28 days of marketing time in the month of October.
The average condo sale required only 38 days of marketing time in October. This was the second lowest total going back 20 years.
Making sense of the numbers
Real estate activity in Dane County follows a seasonal pattern and is typically slower in the fall and winter than in the spring and summer months. This pattern certainly held true for the month of October. With that said, the market in October was a strong one for the fall season.
We expect continued low inventory for the foreseeable future, which will lay the foundation for more price growth and short marketing times in the months ahead. Stay tuned. We'll share more views on this topic very soon.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred