What is happening in the Madison home sales market?

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Real Estate Agent with Powered by: Real Broker LLC 50781-90
Happy Fall,   As your trusted real estate agents, we thought it worth bringing your attention to the state of the house sales market.  
 
We have been used to homes coming on the market and receiving multiple offers.  By all accounts, this appears to have changed dramatically.
 
To demonstrate, I have pulled some stats.  This represents a snapshot of the Madison, but the same could be true of all Dane County communities.     
 
Currently, there are 750 homes on the market.  Just 98 are under contract in Pending. 
 
Of this 750:
 
510 homes are truly available.  
23 have offers with bump-able contingencies
217 have offers but are still showing.
 
One more tibbit, of the available 510 homes, 99 (20%) have had a price reduction with in the week and the average time on market is 65 days.
 
Conclusions,  While we do not have the statistics for homes available in the spring, we know that the days on market were significantly less.  The ratio of unsold homes to those under offer is high and 20% of homeowners who have realized they are needing to reduce the price indicates homes are not moving as fast as previously. 
 
We are also seeing it benefitting our buyers.  Buyers are taking their time, asking questions, and coming in under asking.   None of this was happening in the spring.
 
What are we saying.   Buyers, this is a time for you.   Lots of inventory, and much more chance to use a diverse array of financing.   Even contingent offers are being considered. Make this, possibly the best time of year to buy!  
 
An added bonus, Interest rates remain low, providing affordability for buyers.   However, rates are set to climb.   As rates increase, buyers will see their affordability drop and sellers will likely see a drop in their prices too.  
 
For this reason, we have an unusual market which is good for both buyers and sellers.  If you would like to know more, or discuss the possibilities for yourself, contact us.
Posted by

Guy Lofts CRS,  is a long-term area resident who has been helping people make sound housing decisions since 1993.  Guy is a past president of the Wisconsin Chapter of CRS, the Certified Residential Specialists.  A leader in technology, having had his first personalized web page in 1995.  With a first Blog in 2006,  Guy has provided training with in his office and is to present a training at past Wisconsin Realtor conventions.

His passion is helping people improbe their quality of life through Real Estate.  That means whether you are in real estate of ust want to invest of buy a home, we can help you.

Real Estate Guy @ eXp Realty Madison 

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Comments (2)

Joyce Marsh
Joyce Marsh Real Estate LLC - Daytona Beach, FL
Joyce Marsh Real Estate LLC - Coastal Properties

Thank you for sharing the latest sales and inventory report on this segment of the real estate market.  It’s interesting to see how the market differs in other areas of the country. 

Oct 06, 2018 04:40 AM
Jim Crawford
Maximum One Executive REALTORS® - Atlanta, GA
Jim Crawford Atlanta Best Listing Agents & REALTOR

Thank you for preparing and sharing this information.  Very professional. This is perfect for buyers and sellers trying to make informed decisions.

Oct 07, 2018 06:30 AM