Thursday, September 22, 2022 / by Brad Brethouwer
Here’s what you need to know about our local housing market.
Recently, I compared August of 2022 to August of 2021. So what did the numbers say?
Currently, there are 1,126 active listings on the market. The current average list price is $521,000, and it's crazy how high that's gotten.
In August, there were 636 new listings. The sales rate of the new listings was 122%. That means there were many more sales than listings last month, which shows the shortage of inventory. The average sale price was $436,000, which is up 10% year over year. The average number of days on the market is 20 compared to 18 a year ago.
The sales rate is going down. The sales rate compared to a year ago is up 23%. That's how many more listings are selling than they were even a year ago. The new number of listings, 636, is down 28% compared to a year ago.
"Our market is still good for buyers and sellers."
Sellers, Madison's current active listings are 499. The average list price is $458,000. There were 351 new listings in August, and that's down 27%. The sales rate of the new listings was 124%, which was up 19%. The average sale price is $418,000, which is up 9%. The average number of days on market is 19 compared to 16 last year.
Finally, the Deforest/Windsor area, where current active listings are 82, as of right now. The average list price is $525,000. There were 35 new listings in August, which is down 8%. The sales rate of the new listings were 126%, down 6%. The average sales price in August was $478,000, up 17%. The number of days on the market is 22 days compared to 15.
More listings are selling than are hitting the market each month. The rates have gone up, but it hasn't slowed anything down. This market hasn't really changed. It’s gone from complete insanity to a hot seller's market.
If you have questions about this topic or anything else, please call or email me. I am always willing to help!