May 2018 Update



May 1st, 2018

“Timing is everything” That certainly applies to the real estate market!

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.

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.

How do you find out if the time to move is right for you? Call Restaino & Associates today for a free, up-to-the-minute market valuation on your current home. We’ll not only let you know how much you’ll get for your current home in today’s market, but can also show you everything listed for sale by every member company of the Multiple Listing Service. Visit our website at – there’s no cost and no obligation. It’s your move. At Restaino & Associates, we’re here to make sure the time is right for you.

Ron Restaino