In this year's hot real estate market, many Madison area property owners will learn they can successfully sell their home any month of the year. The reason is a long-term trend of low supply. Our latest single family home inventory report shows the Madison market has had less than 2 months of supply since December of 2015.
More insight into our seller's market
Historically low inventory has created a large pool of unsuccessful buyers who are still searching for the right property. This is more than a hunch. MLS data shows the percentage of listings receiving competing offers is up significantly from last year. For example, 48% of all accepted offers in April involved competition from multiple buyers. Last April, the percentage was only 33%.
Put another way, the data shows the pool of unsuccessful buyers is much larger in 2017. Many of these buyers are still searching for the right listing and will be ready to pounce as soon as the right property hits the market. No doubt, there will be plenty of motivated buyers searching for real estate this summer and fall. Our team is busy assisting a number of buyers as we enter the summer season.
What about the condo and multifamily markets? Are these markets hot, too?
As of this post, our latest inventory data shows very low levels of supply in both the condominium and income property markets. Both of these markets favor sellers over buyers.
So, when is the right time to sell?
We can help you answer this question during a short consultation. We'll help you price your home and share how the market is trending for your location and your type of property. We'll also lay out a plan that will help you start working toward your goals. This video has more information on what to expect during the planning stages of the home-selling process.
Many of our sellers use our local market reports to stay on top of the latest real estate trends. You can view all of our Madison area market reports here.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred