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.
Condo sales were just below the sales levels from 2018 and 2017.
December accepted offers
Single family home accepted offers were a tad lower compared to the prior December.
Condo accepted offers were consistent with the levels from each of the last two Decembers.
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.
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.
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.
New MLS condo listings were at their lowest level in 19 years.
Days on market
The average days on market for a single family home was only 47 days in December, a near-record low.
Condo days on market were the lowest on record for the month of December.
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.
We expect the condo price per square foot to rise in 2020, too.
The average single family home price was up 8% in December. Right now there's plenty of buyer activity in the higher price categories.
The condo average price was slightly below the average price from last December, but was still very high when viewed from an historical perspective.
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