We've just completed our mid-year home and condoupdates, and the latest numbers show the seller's market is alive and well in the city of Madison. Here's our quick overview of the latest trends in the Madison real estate market.
The Madison condo market
Madison condo supply is historically low and driving prices higher. Take a look at the graph below, which shows how the number of available condo listings has changed from July, 2015 to July, 2018. Amazingly, active condo listings have decreased by 48% over the last 3 years.
Over the same 3-year stretch condo supply has dipped to well below 2 months of inventory. This historically low number is indicative of a very strong seller's market.
Condos are also selling much more quickly compared to 3 years ago. The average days on market has been cut in half since 2015.
Meanwhile, condo prices, fueled by low supply, have increased by 24% since the summer of 2015.
The Madison single family home market
Active listings have also fallen dramatically in the single family home market. Available listings have decreased by 35% from the summer of 2015 to the summer of 2018.
Single family home inventory has dipped to 1.3 months of supply, which is the lowest we've ever recorded for the month of July.
The time required to sell a home has decreased significantly over the last 3 years. The average days on market is just 29 days through the first 6 months of 2018.
Based on our price per square foot statistic, Madison home prices have increased by 22 percent over the last 3 years.
Tips for navigating Madison's low supply real estate market
If you're planning to buy in 2018, you'll find many helpful tips in our buyer's blog. While you're perusing our blog, be sure to read our article on how to write a winning offer in a competitive situation.
If you're planning to list your home this year, our seller's blog is another great resource. Be sure you check out this article for our top 5 ways to increase your home's market value.
Contact us anytime you'd like to consult with an experience agent. We're here to help you achieve your real estate goals any time of year and in any type of market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred