The Dane County real estate market continues to be one where buyers outnumber sellers. How do we know this? Here are 3 key indicators of pent-up demand in the Madison area.
#1: competing offers
It's true, we aren't seeing listings receiving 20 and 30 competing offers this year. But a high percentage of Madison area listings do continue to receive multiple offers. The percentage remains very high when compared to pre-pandemic levels.
#2: cash offers
The percentage of listings receiving cash offers is also trending along historically high levels, which is another clear sign of pent-up demand.
#3: days on market
And of course, marketing times, remain historically low. Many Madison area home and condo listings continue to sell in a matter of days, not weeks.
But what about rising rates?
Mortgage rates have continued to rise in September, and we do expect current rates to lead to some softening of demand. And it's possible that prices may even begin to fall.
Even so we expect any drop in prices to be shallow and short-lived. There are simply too many factors at play which point to a long-term shortage of homes and condos in Dane County.
Of course we'll continue to track all of the latest trends on our blog, and we encourage you to check in often for our ongoing updates. We'll be publishing or September reports real soon.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred