Over the last year, a 17 percent decrease in the number of
homes available statewide has prompted a seven percent increase in median home
sales — from $163,500 to $174,900.
The tight market has caused Realtors to
become more creative than ever. This includes everything from writing letters to homeowners inquiring on behalf of their buyer-clients to getting creative when writing an offer for a client.
While supply is limited across the board, it’s
particularly slim for homes priced below $350,000. In Madison, homes in that
price range have less than 1.5 months of inventory, according to the South
Central Wisconsin MLS. That’s compared to 1.8 months of inventory for homes in
all price ranges. Inventory selection is more plentiful for homes priced
between $800,000 - $899,999, whereas homes priced under $200,000, sell in a
heartbeat. New home construction should address the supply issue eventually.
The National Association of Realtor’s has predicted a seven percent increase in
new homes this year. Still, at least for the short-term, buyers need to be
prepared to move quickly, write strong offers and limit contingencies. I have success in these areas, so if you are looking to purchase and need some help, I am ready!
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