This year is already shaping up to be another very active market in the Madison area. Supply is low. Demand is high. And competing offers are occurring more frequently now that we're on the other side of the holidays. Here's our first market update in 2022 covering all of the latest single family home trends in Dane County.
New MLS listings in 2021 registered the lowest annual total since the year 2000, while the 175 new listings in December was the lowest total on record for the month. A lack of fresh supply is creating a very favorable market for sellers in early 2022.
Buyers continue to gobble up homes almost as soon as they hit the open market. More listings went under contract in December (261) than entered the market (175).
Months of supply
As of January 8th, there were only 252 listings available for sale (or .5 months of supply) in all of Dane County. Inventory is especially tight in the $200,000 to $400,000 price range.
Our multiple offer data, which is available through the month of November, shows that competing offers continued to be off the charts in late 2021. This forward-looking indicator points to more record high home prices in early 2022.
Dane County home prices
The price per square foot increased by 8% in December and by 9% over the course of the entire year. Both the median and the average price increased by 11% in 2021.
Days on market
Dane County homes continue to sell very quickly.
Dane County home sales
Home sales were strong in December, despite record low inventory in Dane County.
What are your real estate goals in 2022?
Please reach out to our realtor team for a helpful conversation. We'll lay out a plan for you that will help you achieve all of your goals in the coming year, and never with any sales pressure or spin.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred