Despite national headlines that shout doom and gloom, the Madison real estate market continued its very strong performance through March of this year.
A few interesting things to note. The three-month rate of absorption ticked up noticeably in March. This is largely because we've seen a bit of a rush of luxury homes coming online in the $2.5m+ price point. These homes were very rare in the 07940 until a few years ago (most topped out around $2m). While they're absolutely gorgeous, in many cases they take a little longer to sell (price point and buyer pool are always inversely proportionate).
That said, the top-of-the-market price point has floated up considerably in Madison from 10 or even 5 years ago. The good news is, the tide generally rises for all.
What does that mean for you, if you're not sitting in a $2.5m home? Well, just as luxury home values have increased, yours probably has increased pretty noticeably, too.
Another interesting data point includes the average sale price ticking down on a year-to-date basis. Don't fret - I believe that this is because many condos (specifically in one development) sold in the early part of the year, at prices less than half of the average single-family home in Madison. If you have any questions about any of the sales or statistics on this (very dense!) report, or for a confidential, no-obligation report on what your home might be worth, please feel free to reach out to me. Thanks for reading!
