Here’s how our Greater Madison real estate market fared in July.
Today I’m sharing a quick update to discuss how our Greater Madison area real estate market fared in July 2020.
For clarification, Greater Madison includes east and west Madison, Fitchburg, Middleton, Shorewood Hills, and Maple Bluff; in all these locations, our average sale price has increased by 8% to $337,282.
We’re in a severe seller’s market, which has caused prices to rise. The number of sales has decreased by about 5% to 532 in July 2020; 561 were recorded in July 2019. Fewer sales have occurred because we have fewer listings; our supply of inventory is under 1.2 months.
Interestingly, days on market has increased from 20 to 36 days. This can be explained by the extra precautions being taken amid our health crisis, which decelerates the process a bit. The market is moving forward; buyers are still out buying, and sellers are still selling.
If you’re considering selling, it’s an excellent time because demand is high and supply is low. If you’re thinking about buying, it’s also a good time because even though there’s more competition, interest rates are still at historic lows, which means greater affordability.
Please reach out to us if you’re considering selling, we’d be glad to walk you through what we can do to sell your home. Also, contact us via phone or email if you have any other questions about our market. We’d love to help you.