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April 2016

There are 5 blog entries for April 2016.

Looking for a way to kick start your summer fitness plan? Grab those running shoes, and join more than 20,000 runners and walkers this weekend in downtown Madison. The 35th Annual Crazylegs Classic is this Saturday, April 30. Named for the late football player and UW Athletics Director, Elroy "Crazylegs" Hirsch, the 8K run or 2 mile walk begins downtown, and ends near the 50 yard line at Camp Randall Stadium.  The race was named one of America's 100 Top Events by Runner's World magazine, and has also been recognized by The Road Runners Club of America with a "Great Races, Great Places" designation. The race is a longtime local favorite, as it boosts the UW Athletic Department, and includes a race route through downtown Madison and the UW Madison Campus.

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These days a lot of our real estate news comes from social media chatter and headlines. In this post we summarize the latest market trends with some objective data straight from the MLS. Here are the latest scoops on the 2016 Spring markets in Fitchburg, Madison, Middleton and Verona. 

Fitchburg Homes and Condos

Inventory is tight in both the single family home and condo markets. Below are a couple of quick nuggets followed by more market info on our SlideShare real estate page. 

  • Fitchburg single family home inventory is especially tight for properties priced under $400,000. Right now there is only 1 month of supply for listings in this price range. Sixty-two percent of these listings are under contact and scheduled to close soon. 
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Madison is an eclectic place. The variety of restaurants, shopping and activities make it possible to experience so much variety for the size of our city. Take a look at the activities happening around town, and you get an idea of the possibilities:

Synchronized Swimming

More than just splashing and smiling, Mad City Aqua Stars offers a club sport that requires athletes to learn a number of complicated and graceful underwater moves. Swimmers age 8-18 are included in both recreational and competitive teams. Over the weekend, the team hosted the Wisconsin Association Synchronized Swimming Championship at the Middleton Area Indoor Pool. The top three teams in each division are moving on to regional competitions. From there, the top regional finishers

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Where are the hottest markets in Dane County? In this post we take a quick look at the larger markets in the western half of the county, specifically Fitchburg, Madison, Middleton, and Verona. 

We use two key measures to gauge market momentum - months of supply and the percent of listings with accepted offers. When we use these two statistics there are two markets which stand out above the rest. 

Dane County's Hottest Condo Market

Condos are selling very well across all of Dane County, but the Verona condo market is the market that stands out above all others. Right now there are only 1.5 months of condo inventory available for sale in Verona. Amazingly, 64% of the condo listings in Verona are under contract and are scheduled to close soon. 

 

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Almost 10 years ago the real estate market began its infamous decline. Buyers stopped buying, and Downtown Madison suffered from a glut of vacant, unsold condos. More than 2 years of inventory sat on the market, and condo prices plunged. Over time, market conditions improved along with the overall economy. Consumers started buying again when prices became more attractive. Downtown inventory eroded until eventually all of the new construction condos sold out. 

Condo Values are Rising Again in Downtown Madison

Our market data shows Downtown Madison condo prices bottomed out in 2013. In 2013, the average price per square foot was $223. In 2015, the price per square foot jumped to $267. That's an increase of 19.7% in only two years. We expect the price

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