Year End 2020 Market Update
As you may suspect, 2020 was an unusual year for the Madison Area real estate market. But you might be surprised to learn that, despite the pandemic, the year overall saw more robust sales than 2019. Total dollar sales were up 15%, while unit sales were up 8% in Dane County. There were also steady, 5-6% increases in the average list price, sale price, and sold $/SqFt. Days on market also decreased. The timing of the market peaks & valleys was the most noteworthy takeaway. Typically, we would expect to see sales peak in Q2 and taper off towards the end of the year. But this year, Q3 & Q4 were the strongest quarters & dramatically more robust than 2019 to the tune of 24% in Q3 & 38% in Q4 in dollar sales.
As we move into this New Year & as buyers start to feel more comfortable, we anticipate seeing a more “standard” sales trajectory, with a spike in the spring. If you are in the market to sell your home, low inventory levels (less than a month of supply) mean competition is low. Lower interest rates also continue to encourage buyer activity. Our team can help start get your home ready for sale in a way that is smart and safe. Your virtual presence and marketing strategy continues to be important. That’s why our marketing package works to ensure the best possible exposure online, including a complimentary staging consultation, access to our in house repairs/renovation company, and both professional photography and videography.
If you are in the market to buy a home, now is the time to prepare for your search as the market heats up. Meet with an agent & a lender now. Our team would love to partner up! We work hard to scour the market for our clients, set you up with tailored listing notifications, and provide quick access to properties. We also have years of experience working with buyers and a track record of creative negotiating.