These days a lot of our real estate news comes from social media chatter and headlines. In this post we summarize the latest market trends with some objective data straight from the MLS. Here are the latest scoops on the 2016 Spring markets in Fitchburg, Madison, Middleton and Verona.
Fitchburg Homes and Condos
Inventory is tight in both the single family home and condo markets. Below are a couple of quick nuggets followed by more market info on our SlideShare real estate page.
Fitchburg single family home inventory is especially tight for properties priced under $400,000. Right now there is only 1 month of supply for listings in this price range. Sixty-two percent of these listings are under contact and scheduled to close soon.
Fitchburg condos are extremely hot between $100,000 and $300,000. This price range has only .8 months of supply. Amazingly, 79% of these listings have an accepted offer and will be closing soon.
The Madison single family home market remains the most sought after market in Dane County. Home prices are trending at record high levels. With over 50% of all listings under contract, there are only 1.3 months of supply available for sale across the entire city. These slides share more info on the latest single family home trends in Madison.
Supply is also tight very tight in the Madison condo market, especially for units priced under $250,000. In this price segment there are only 1.1 months of supply, with 62% of all listings currently under contract. We expect rising prices and low supply throughout 2016. Right now apartment construction is booming, but there is very little new construction in the local condo market.
Middleton homes priced under $400,000 are very hot. Sixty-six percent of these listings have accepted offers. Only .8 months of supply are available for sale. Middleton homes are selling at the fastest past on record through the month of March. New home construction is helping to satisfy the demand for Middleton real estate.
Middleton condos priced under $350,000 are also very hot. This price segment has only 1.3 months of supply, with 44% of all listings under contract.