We track a lot of stats each month to stay in touch with the latest real estate trends in Madison. If we were to choose the most meaningful statistic it would be the percent of listings with accepted offers. Knowing this number provides some great insight into the momentum and direction of the market.
Right now an amazing 51% of all Madison single family home listingshave an accepted offer. This is a high percentage for any time of year, especially the month of February. It tells us the Spring market has already arrived in Madison.
This Year's Market is Hotter
Last year at this time only 35% of all Madison single family home listings had an accepted offer. This year more than half of all listings are under contract and scheduled to close soon. It's a much hotter market right now than it was at this time last year.
What does this Mean for Prices in 2017?
Last year was a great year for sellers, but this year will be even better. Low inventory and bidding wars will be the norm in 2017, and prices will rise substantially. We expect prices to rise by at least five to six percent. Consequently your own home may be worth much more than you think in this year's market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred