This year is proving to be another hot seller's market for owners of single family homes and condos in the Madison area. Here's our latest update on how inventory, prices, and other key measures are performing though March and April of 2018.
April 2018 Inventory
Condo supply continues to run lower and lower in the city of Madison. This graph shows inventory is now at a new low, having decreased from 2.4 months in April of 2016, to 1.3 months if April of 2017, to only 1 month in April of 2018.
Single family home supply is even lower, having decreased from 1.3 months to only .8 months over the last two years.
March New Listings
We expect persistently low inventory throughout all of 2018. New condo listings were a scarce commodity through the first 3 months of the year.
Meanwhile, new single family home listings are entering the market at the slowest pace on record.
Madison condo sales through the month of March were the second highest on record, even though inventory is historically low. Sales would be much higher if more listings were available for purchase.
Madison home sales were the highest ever through the first 3 months of the year. Even so, there is still a significant amount of pent up demand in the single family home market, as many consumers continue to shop for the right home, in the right location, and at the right price point.
With supply running low and demand running high, Madison condo prices continued to climb through the month of March. The price per square foot is up 13% through the first 3 months of the year.
Madison home prices were up by 5 percent through the first 3 months of the year and are on track to reach a new record high by the end of 2018.
March Days on Market
Condo days on market are trending at the lowest level on record.
Homes are selling at a brisk pace, too. The single family days on market was only 42 days through the first 3 months of the year.
March Accepted Offers
Although sales were very strong through the first 3 months of the year, we expect closings to moderate in the month of April. Condo accepted offers were more subdued through the month of March, signaling fewer sales in the month ahead. Accepted offers have moderated due to historically low supply in the Madison area real estate market.
Single family accepted offers decreased significantly in the first quarter, pointing to fewer closings in April. Nonetheless we expect prices to be higher once all of our April numbers are in.
Do you have questions about how current market conditions will impact your plans to buy or sell a home? Reach out to us online and tell us more about your goals. We'll follow up with you and set up a time to chat about your real estate goals in 2018.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred