The Madison area real estate market continues to be very active at a time of year when listings and sales are typically slowing down. Here's a quick overview of the latest home and condo trends in Dane County.
Dane County condo trends
New condo listings increased by 15% in the month of July, and buyers have responded by gobbling up the new supply. Accepted offers increased by 17% in July and 43% in August. As you can see from the graph below, AOs are trending much higher as we enter the month of September.
Dane County single family home trends
The Madison area single family home market has also been very active. New single family home listings increased by 10% in July, and a record number of homes were placed under contract in July and August, increasing by 20% and 32%, respectively. Buyers continue to be very active and are writing a lot of offers as we enter the fall market.
Opportunities for sellers in the late summer market
If you've been thinking of selling in 2020 but haven't gotten around to it yet, please know you have a window of opportunity in front of you. Buyers are responding to low interest rates and writing offers at a time when real estate activity is typically slowing down. Plus, the pandemic has created a new psychology in 2020. Many buyers are very motivated to purchase a home or condo in order to enhance their sense of security and safety.
Opportunities for buyers in the late summer market
Many sellers who were previously afraid to list their home are now making plans to put their home up for sale. If you've been frustrated by the lack of listings, we encourage you to stay engaged with your property search and make sure you have a professional buyer agent by your side. New listings are on the way, and you will have an opportunity to buy if you stay positive and remain focused.
Whether you are buying, selling, or both -- we can help you make the most of this unique market and accomplish all your real estate dreams and goals. Contact one of our professionals to get started.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred