Why Home Prices will Increase in 2017

Posted by Dan Miller, REALTOR on Monday, December 26th, 2016 at 5:56am.

Madison WI Home PricesMadison home prices will rise again in 2017 because inventory remains low and there is a large pent up demand for real estate. Despite modestly higher interest rates, expect a Spring market full of bidding wars and listings that sell in a matter of days or even hours.

If you're a serious buyer, begin your search in December or January rather than delay until the Summer or Spring. The competition for housing will become very fierce very soon. 

If you're a committed seller, know that in today's market you don't need to list in the Summer or Spring in order to have a successful sale. You can list in early 2017 and achieve positive results. The data below demonstrates why the market favors you.  

Signs of a Seller's Market

We just completed a Madison single family home snapshot which compares a few key statistics from December of 2016 to the same stats from December of 2015. The results point to another seller's market in the year ahead. Here are 3 key observations from the data:

  • There are 11% fewer active listings in December of 2016 compared to December of 2015 ( 438 versus 491). 
  • Thirty-three percent of all December 2016 listings have an accepted offer compared to 26% in December of 2015. 
  • There are only 295 listings in December of 2016 without an accepted offer, compared to 364 in December of 2015. That's a decrease of 19%. 

For More Market Information

View our latest updates on the Madison home and condo markets, or give us a call to discuss your individual situation. Check out the chart below for our latest snapshot of the Madison single family home market. 

Madison Home Supply December 2016

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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