It came later than expected this year, but the hot spring real estate market has officially arrived to Madison. Right now over 50% of the home and condo listings in Madison have an accepted offer, which is one of our key indicators of a fast-moving market. Last year, the market hit this milestone in the month of February. This year, the market didn't reach this mark until the month of April.
Why was the spring market delayed in 2019?
Certainly, weather was a big factor. This year's long and unusually harsh winter caused both buyers and sellers to delay their plans for this year's market. Higher interest rates in early 2019 were also a factor, but then rates dropped at the end of March and the market responded positively.
What to expect in the months ahead
Because the spring market got off to a late start this year, we expect it to extend a little later than in prior years, too. If you're planning to sell in 2019, this means you still have time to prepare your home for sale and hit the market while buyer traffic is booming.
If you're planning to buy this year you can expect a decent amount of new listing inventory to be hitting the market in the next 2 to 3 months. Of course inventory remains historically low, so count on plenty of competition from other buyers for the remainder of the year.
Advice for buyers and sellers this spring
It's a different market in 2019, so we encourage you to do your homework and spend some time getting to know your local market. If you're planning to sell, don't rely on last year's headlines, your Zillow Zestimate, or your tax assessment in order to price your home. Market factors can vary tremendously by price point and location, so get in touch with us, and we'll be happy to share our honest opinions about your market and your home's value.
If you're planning to buy in 2019, contact one of our experienced buyer agents to discuss your goals. We'll connect you with a solid local lender and put a good plan in place for your search. It all starts with a conversation, which is absolutely free and comes with no obligation :).
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred