Madison 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.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred