Here's our latest scoop on the Dane County single family home market. Do you have questions about home values in your neighborhood? Contact your Mad City Dream Homes realtor for a helpful conversation. 

Dane County home prices

This may come as surprise to some: The price per square foot jumped from $191 in October of 2021 to $218 in October of 2022. That's an increase of 14 percent. Year-to-date, Madison area home prices are also up by 14%. This recent blog post offers a closer look at all of the latest home price trends in Dane County.

New MLS listings

One big reason prices remain high is the lack of fresh supply. Only 396 Dane County homes were listed for sale on the MLS in the month of October, which is the lowest total on record for

Congrats to our clients who have enjoyed some very successful sales in the month of October!

• To Kathy M, who received a full-price offer for her westside condo. 
• To Kathy I, who sold her Fitchburg condo for the full list price. 
• And to Ted and Kelsey, who received multiple offers and sold their Madison home for $50,000 above the list.

Thank you Chris and Ann for helping your clients successfully navigate our new and evolving market. We appreciate the personal attention and professional care you bring to every client! 

Congratulations to our fall buyers, who are making the most of this new season in real estate:

• To Ted and Kelsey, who purchased their home in Stoughton for $4,900 below the list price. 
• To our client Brenton, who bought his near west side condo for $9,000 below the list. 
• To Chad and Samantha, who purchased their east side home for $10,000 below. 
• To our client, Mason, who bought his move-up home for $14,900 under. 
• And to Dan and Erica, who moved into their dream home in the country for $24,900 under the list. 

All 5 of these stories are great examples of how good planning, local expertise, and skillful negotiation are so beneficial to buyers in today's market. And why having a strong buyer advocate can make all the difference. 

Deep down inside, we all aspire to be productive members of society, to be a contribution to others, and to immerse ourselves in a vocation that allows us to do meaningful work. And thanks to you, we have the opportunity to pursue meaningful work each day. 

With this spirt in mind, we want you to know that we would love to meet with anyone you know who's in search of more meaningful work and who's curious about a career in real estate. Especially if they're a generous, hardworking, and humble person. Based on our experience, it's the generous, hardworking and humble person who tends to thrive in the world of real estate and enjoy a long and fulfilling career. 

Thank you to all of you who give us the opportunity to pursue meaningful work each day. We

How are home prices trending in the Madison area? Here are a few observations which offer some good insight into the Dane County single family home market. 

First, home prices are trending higher at all points along the price spectrum.

Based on our review of the October data, home prices are up significantly at every point along the spectrum. At the lower end, the mid-range, and the high-end -- all price points are trending higher. 

What the data doesn't show.

What these numbers don't show is that buyer demand has decreased noticeably. Because buyer activity has decreased this fall, sellers are experiencing fewer showings and receiving fewer offers. And most important, a greater percentage of sellers are seeing their home sit on the market

Here are a few perspectives to consider if you're currently on the fence about selling your home this fall:

• Buyer demand has been decreasing as interest rates and inflation have been rising. Right now mortgage applications are 41% lower than they were at the same time last year.
• Even so, inventory in Dane County remains quite low, which is a positive for sellers. 
• Interest rates for a 30-year mortgage are at about 7 percent right now, but many people believe they will go higher. 

Will the market be better for sellers in early 2023? Not necessarily. Because we don't know what will happen with inflation, interest rates, buyer demand, and inventory next year. 

So, if you are thinking of selling your home in the near future...

We

Last weekend our team introduced Laura and Shawn and their 3 kids to the Madison area. Laura and Shawn were in Madison because they just lost their Sanibel Island home to Hurricane Ian. Fortunately for this young family, they have the means to start over in a new location that's halfway across the country.

Laura and Shawn are just the latest example of how we see climate change changing Dane County real estate. More and more, we're hearing from people who are choosing to move to Madison, as they seek to escape the effects of a changing climate in other parts of the country. 

Not long ago, back when money was real cheap, many buyers were willing to pay a premium for their home, even if their new home required an extensive amount of work. Buyers were willing to hire their own contractors after closing, and pay what they needed to pay, if that's what it took to secure a home and update it to their liking.

But now that interest rates are higher and the stock market is lower, buyer behavior has changed. Today's buyers are more selective and discerning. When they consider today's home prices, today's remodeling costs, and the amount of time it can take to hire and schedule a good contractor, they would much rather buy a move-in ready home instead.

So, what does it mean to sell a move-in ready home?

Move-in ready means

According to Freddie Mac, interest rates for a 30-year fixed-rate mortgage have more than doubled since the beginning of 2022, and as of this post they are now above 7 percent.

Where will mortgage rates go from here?

We certainly can't predict the future, but it's conceivable that rates for a 30-year fixed rate mortgage could approach 8 percent by the end of the year. So, for anyone that absolutely needs to sell right now, these last few weeks of 2022 are especially important, because buyer demand continues to decrease as mortgage rates increase.

We'll have much more to share about the market in the coming weeks and months. In the meantime, please reach out to us anytime you're in need of a real estate conversation. We would love to be a

When “Safer at Home” orders and social distancing guidelines went into place, shelters that used to be open to folks experiencing homelessness day or night were forced to rethink their operations. One such shelter that has been trying to secure a larger and more permanent “home” is operated by Porchlight, Inc., which this month reached a record of housing 207 people in one night. 

Porchlight’s story began “when two people froze to death on the streets of Madison in 1984 – back when no one thought we had a homeless problem here,” said Porchlight Executive Director Karla Thennes. “Faith communities got together and rented the parsonage next to churches, got volunteers, and got sandwiches, and said, ‘If you’re homeless, come on in,’ and they did.” 

For