Record Madison area home sales in December

Posted by Dan Miller, REALTOR on Friday, January 24th, 2020 at 12:10pm.

December was another solid month for Madison area real estate. Here's our latest summary of the single family and condo markets in Dane County. 

December home and condo sales

A record 464 single family homes sold in the month of December, an increase of 32% from the 352 homes sold in December of 2019. 

 Madison Area Home Sales December 2020

Condo sales were just below the sales levels from 2018 and 2017. 

Madison WI Condo Sale Dec 2019 

December accepted offers

Single family home accepted offers were a tad lower compared to the prior December. 

Madison WI Accepted Offers Dec 2020 

Condo accepted offers were consistent with the levels from each of the last two Decembers. 

Madison WI Condo Accepted Offers Dec 2019 

January months of supply

As of January 11th, only 1.4 months of single family home inventory are available for sale in Dane County. Supply is especially tight for homes priced under $300,000. Overall, 28% of all single family homes are under contract with an accepted offer. 

Dane County Single Family Home Supply Jan 2020

Right now there are 1.7 months of condo supply available in Dane County. Supply is especially tight for condos priced under $300,000, and even more so for units priced under $250,000. Overall, 29% of all condominiums are under contract with an accepted offer. 

Madison WI Condo Inventory Jan 2020 

New MLS listings

Only 212 single family homes were listed for sale on the MLS in December, which was the lowest December total on record. We expect new listings to remain historically low throughout 2020. 

Madison WI New Single Family Listings December 2019

New MLS condo listings were at their lowest level in 19 years. 

New Madison WI MLS listings Dec 2019 

Days on market

The average days on market for a single family home was only 47 days in December, a near-record low. 

Madison WI Days on Market December 2019

Condo days on market were the lowest on record for the month of December. 

Madison WI Condo Days on Market Dec 2019 

Price per square foot

The single family home price per square foot dipped slightly in December, but we fully expect another year of rising prices in 2020. Low mortgage rates, low supply, and strong demand will drive prices higher over the next year. 

Madison WI price per square foot December 2020

We expect the condo price per square foot to rise in 2020, too. 

Madison wi condo price per sqr ft dec 2019 

Average price

The average single family home price was up 8% in December. Right now there's plenty of buyer activity in the higher price categories. 

Madison WI Average Single Family Home Price 

The condo average price was slightly below the average price from last December, but was still very high when viewed from an historical perspective. 

Madison Condo Avg Price Dec 2019 

Outlook for the 2020 Dane County Real Estate Market

If you know someone who's planning to sell, please let them know the Dane County real estate market is off to a very fast start in 2020. As of this post, 13 of our clients have successfully achieved an accepted offer this month, which makes this January our busiest January ever. Right now all signs point to another strong sellers' market in 2020. 

 Do you have questions about buying or selling in this year's fast-paced market? Please contact your preferred Mad City Dream Homes REALTOR for a quick consultation. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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