The Madison real estate market finished the summer of 2017 very strong – matching the number of sales reported a year ago in August, 2016 (a record-setting year). This follows a strong month of July and narrows the year-to-date sales gap between 2017 and 2016 to just 2.7%.
These results are somewhat remarkable given buyers are making their selections from a limited supply of inventory. Active listings continue to trail the supply of one year ago with 1434 active listings in 2017 as opposed to 1553 active listings in 2016, a 7.6% change year over year. That being said, the supply of homes available for buyers in the Madison real estate market stands at 2.17 months. A six month supply of homes for sale is generally considered to represent a balanced market between buyers and sellers.
The strong listing demand continues to place upward pressure on prices. For the 24rd time in the past 25 months, the monthly median sale price in the Madison real estate market has increased, this time from $245,000 in 2016 to $265,000 in 2017 which is an 8.2% change year over year to date.
Long term mortgage rates also remain an outstanding value, reaching the lowest point for 2017 at 3.78%
Schools are back into session, summer vacations have ended and the holidays will soon follow. What will the remainder of the year hold for the Madison real estate market? Since 2013, Dane County has averaged 27% of its annual sales during the final 4 months of the year. There is still plenty of action ahead.