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One of the interesting aspects of our market is that prices continue to rise in 2023 even though buyer activity is down significantly from each of the previous two years. As the chart below shows, showings are down by 23% compared to the first 6 months of 2022, and down by 32% compared to first half of 2021.
Another trend that the chart makes clear is that there is usually a seasonal aspect to buyer activity. Typically, showings peak in the springtime and then begin to subside in the summertime and throughout the remainder of the year.
Buyers and sellers should be aware of these seasonal changes as we enter the slower summer season. Showings will decrease in July and August. Bidding wars will be less common. And we’ll see fewer buyers writing offers that waive inspection and appraisal contingencies.
The Madison area real estate market is still very friendly to sellers, but it’s also a little less intense compared the overheated market of March, April, and May. The seasonal shift we are experiencing right now is a timely reminder to always consult with a local professional whenever you’re thinking about buying or selling. Remember, the headlines you read don’t give you all of the information you need in our always-changing market.
1619 Monroe Street #1, Madison, WI, 53711
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