Spring market conditions continue to be very favorable for sellers as prices continue to rise throughout the Madison area. Here's our latest single family home update, covering the month of April, 2023. 

Dane County home prices

The price per square foot increased to $227, up 6 percent from the year before. The median price grew to $440,000, an increase of 4 percent. While the average price jumped to $508,022, an increase of 9 percent. 

New MLS listings

A limited supply of new listings is the biggest reason why prices keep rising in the Madison area. New MLS listings were down 30% in April and by 25% year-to-date. 

Active listings

Although active listings (those without an accepted offer) have risen slightly year-over-year, they

It's safe to say that no one expected competing offers to increase when interest rates more than doubled, but that's exactly what's happening in our spring market. According to our preliminary data for the month of March, competing offers for single family homes are at an all-time high here in Dane County. 

While the competition for condominiums is at an all-time high, too. 

Why is the real estate market so competitive in the Madison area?

This short article shares 9 reasons why competition remains strong and why we expect prices to continue to rise for the foreseeable future. 

Stay tuned for our upcoming home and condo market updates, which will offer a lot more insight into our spring market. In the meantime, you can always reach out

Even with so much technology at our fingertips, there's still no substitute for face-to-face and voice-to-voice communication. Especially when it comes to questions about real estate.

That's because the most helpful answers are rarely all black and white. Usually, they involve some shades of gray that are only revealed through conversation. 

Recently we heard from a young family who asked us if we would be willing to visit with them and help them plan for their future. Emily, the mom, explained that although they are still 2 years away from moving, they'd love to start working on the simple cosmetic projects that will improve their home's value and maximize their return on investment.  

Our answer, of course, was yes. We'd love to help. And as it turns out we had a very productive meeting with Emily and her husband Nick. Now Emily and Nick have a good grasp of their home's current market value, along with a few ideas for how they can improve their home's value over the next couple of years. 

The truth is we enjoy helping people plan for their future. It's one of the most rewarding

Single family home listings are entering the market at the slowest pace on record, and are down by 26% through the first 4 months of the year. 

While condo listings are down by 23% through the first four months.

Low listing activity is one of the big reasons why Madison area home and condo prices continue to move higher in 2023, and why we expect prices to continue to rise for the foreseeable future. 

How does the market impact you and your real estate goals? You can always reach out to our realtor team for a helpful conversation. We'd love to help. 

Now that most of the transactions are in the books for the month of April, it's time for a quick look at Madison area home and condo prices. 

Dane County homes

• The median price in April increased to $450,000, up 7% from the year before. 
• The average price increased to $511,806, which was up 10%. 

Dane County condos

• The median price increased to $301,500, up 10% from last April. 
• The average price increased to $338,991, which was up 7%. 

Why do Dane County home and condo prices keep rising? Here are 9 reasons why prices continue to rise and why we expect prices to keep moving higher for the foreseeable future. Of course, we're always available to chat about the market and how the market impacts you and your goals. You know

Here are 5 great reflection questions for any real estate professional: 

1) Who are the real estate professionals who you've grown to admire and respect? And what are the traits that describe them? And what do your answers to these two questions reveal about you? 

2) What are the aspects of your current approach to real estate that "don't feel right" to you and are not a good fit for your unique personality?  

3) If you were to practice real estate in a manner that inspires you and motivates you (in a way that "feels right"), what would that look like? 

4) We can't possibly appeal to everyone, so given this, how would you describe your ideal client in terms of their values and their aspirations? 

5) How does knowing your ideal client inform

I've had the opportunity to work with, observe, and learn from many different realtors throughout my career, and so the timing feels right for me to acknowledge at least a few of them. By no means is this an exhaustive list. This is just a nice start on a long list of realtors whom I've grown to appreciate and respect.

Here's the list, for starters... 

Chris Venden, who is always kind and who always has good intentions for others. 

Shelley Lazzareschi, who seems to always have a positive attitude and a sincere willingness to help. 

Ann Raschein, who is constantly nurturing positive relationships by helping and serving others. 

Maureen Moran, who is a wonderful listener. 

Tony Tucci, who is exceedingly generous and always rooting for

Is there a senior in your life who needs help staying in their current home or assistance moving to a new one? If so, we have 4 excellent resources that we'd like to share with you. 

SAIL (608-230-4321)

Sharing Active Independent Lives (SAIL) is a local non-profit that is dedicated to helping seniors live independently in their own home. One of our friends who is now 102 years old has been a SAIL member for 18 years, and because of SAIL, she continues to thrive in the home she loves while staying connected to the larger community. 

Homestead Care Group (608-577-6993)

Homestead Care Group is another local resource that's dedicated to helping seniors stay in their own home. Homestead served one of our clients for ten years -- offering personal

Here's our latest unbiased view of the Dane County condominium market, updated for the month of March, 2023. 

Competing offers

The competition for condos in early 2023 is at an all-time high. Based on our preliminary data for the month of February, 49% of all contract signings involved multiple offers. This is a very high percentage for this time of year, and a clear sign that prices will be strong in the months ahead. There is still plenty of pent-up demand for condos in Dane County.  

New condo listings

Madison area condos continue to enter the market at a slow pace. March condo listings decreased 28% year-over-year and were lower by 24% year-to-date.

Condo inventory

Condo supply is running at an all-time low, with only .6