The summertime is usually a time of transition for the Madison area real estate market, and this summer is no exception. Here's a quick look at a few key trends that provide some good perspective on what's going on in the market right now.
Showing activity is trending lower this summer, and is well below the levels from the previous 3 summers.
Take a look at our data through the month of July. Showings last month were down 14% from July of 2021, 26% from July of 2020, and 7% from July of 2019. Property showings will continue to trend lower throughout the summer and the fall, as they typically do during the second half of the year.
Accepted offers are trending lower this summer, too.
Signed contracts for single family homes decreased by 10% in July and were the lowest for any month of July since 2016. Year-to-date, contracts were down by 15% and were the lowest for any year since 2012. Accepted offers will continue to trend lower this summer based on the normal, seasonal pattern for our market.
Signed contracts for Dane County condos are noticeably lower this summer, as well. Accepted offers dipped 20% in July and were lower by 14% year-to-date. Through the first 7 months of the year, condo contracts are being put together at the slowest pace since 2012.
Home and condo supply is rising and will continue to rise into the fall season.
As of August 2nd, a total 565 Dane County single family homes were available for sale. The supply of single family homes has more than doubled since bottoming out in February.
A total of 152 condos were available for sale on August 2nd, which is up by about 80% from the rock-bottom lows in February.
Advice for sellers and buyers
If you're selling your home this summer, you'll want to make sure your expectations are in line with current market trends. Remember, demand is decreasing and supply is increasing, so you'll want to price your home accordingly. You'll also want to keep a close eye on the number of showings your listing is receiving and the feedback that buyers are sharing. If your showing activity is light, or if your feedback isn't positive, then that's a sign that it's time to change your approach.
If you've been wanting to buy your dream home but you've been frustrated by a lack of supply, then you should know your opportunities for buying are increasing. Now is a great time to connect with a savvy realtor as competition subsides and the selection of homes and condos continues to improve.
