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How the supply and demand situation is affecting the Madison market.
Today I’ll update you on the state of the real estate market in the Madison area. Things are moving very quickly in our market, and we have a very low supply of available houses. The south-central Wisconsin MLS has calculated that we have about 0.5 months of supply. A normal market has about six months of supply.
This market really favors sellers. Many of the listings out there have multiple offers coming in, and they often have very few if any contingencies. Many are also cash offers. Traditionally, spring is the best time to list your house because buyers are anxious to get out there once the weather gets nicer. This is going to cause demand to double in the near future. Now is a good time to list your house.
In January, we saw about 11% fewer houses get listed than the previous January. We also saw about 10% fewer sales occur last January than we did in January 2021. This is partly due to there being fewer houses available to purchase. Lastly, interest rates are increasing and are currently almost at 4%. The Federal Reserve is talking about raising the discount rate by 25 to 50 basis points, which will put pressure on mortgage rates and home sales.
If you have any questions, reach out to me at (608) 212-5743. I look forward to hearing from you.
