The Madison area real estate market continues to be very active at a time of year when listings and sales are typically slowing down. Here's a quick overview of the latest single family home and condo trends in Dane County.
Dane County condo trends
New condo listings increased by 14% year-over-year in the month of July, and buyers have responded by gobbling up the new supply. Accepted offers increased by 17% last month, and as you can see from the graph below, AOs are trending much higher in the month of August.
Condo prices continue to rise, too. The price per square foot increased by 4% in July, and is on track to increase by an even larger amount in the month of August.
Dane County single family home trends
The Madison area single family home market has also been very active. New single family home listings increased by 10% in July, and buyers responded by placing a record number of homes under contract. AOs jumped by 21% last month, and as you can see from the graph below, buyers continue to be very active in the month of August.
Home prices are also on the rise. The price per square foot was up 8% last month, and is on pace to rise once again in the month of August.
Opportunities for sellers in the late summer market
If you've been thinking of selling in 2020 but haven't gotten around to it yet, you have a great window of opportunity in front of you. Buyers are responding to low interest rates and writing offers at a time when real estate activity is typically slowing down. Plus, the pandemic has created a new psychology in 2020. Many buyers are very motivated to purchase a home or condo in order to enhance their sense of security and safety.
Opportunities for buyers in the late summer market
Many sellers who were previously afraid to list their home are now making plans to put their home up for sale. If you've been frustrated by the lack of listings, we encourage you to stay engaged with your property search and make sure you have a professional buyer agent by your side. New listings are on the way, and you will have an opportunity to buy if you stay positive and remain focused.
Whether you are buying, selling, or both -- we can help you make the most of this unique market and accomplish all your real estate dream and goals. Contact one of our professionals to get started.
