Mad City Dream Homes Real Estate Blog, Madison WI

A few months ago, we predicted the supply of Madison area property listings would be low this year, and so far in 2022 the market has proven our prediction to be true. 

Take Dane County homes, for example:

Through the first 7 months of the year, single family home listings have been entering the market at the slowest pace since the year 2000.

Madison WI July 2022 Madison MLS Listings

And Dane County condos:

Condominium listings have been entering the market at the slowest pace since 2002.

The thing is, real estate is likely to be a scarce resource for a long time.

And it all comes down to simple supply and demand.

Supply will remain low because home and condo construction is subdued, foreclosures are relatively rare, and homeowners with low mortgage rates are

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Dane County home and condo prices continued to post big increases in the month of July. Here's our latest snapshot.

Home prices were up by 12 percent.

The price per square foot increased from $189 in July of 2021 to $213 in July of 2022.

Madison WI July 2022 Home Prices

Condo prices were up by 17 percent.

The price per square foot increased from $180 in July of 2021 to $211 in July of 2022.

Where will prices go from here?

Keep in mind the July numbers are the result of offers that were written in the months of May and June, back when there was less inventory and more demand. Now that inventory is rising, we do expect the growth in prices to moderate, but we don't expect prices to fall. That's because supply is still very low by historical standards, and low

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Chances are you've heard from at least one friend or loved one about their frustration with trying to buy a home in our low-supply market. But sometimes, all it takes is some fresh perspective and a new approach in order to make that dream home happen. 

At Mad City Dream Homes, we're helping over 100 clients find and buy their dream home in 2022, and we'd love to help your friends and family, too. Hard work, skill, and teamwork are proving to be exactly what our clients need in this year's market. 

So please let us know if there's someone in your life who we can help. We're always up for talking real estate and sharing our ideas and advice, and it would be our honor to serve your friends and family in their time of need.  

Thank you and

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Why do so many people choose to buy a home in the Madison area? Below we share some of the big themes that we keep hearing from our home-buying clients year-after-year. Some of these reasons are due to the attractions and reputation of our region, while others are more personal and matters of the heart. 

Relocating to Madison WI

Top 10 reasons for buying a home in Madison

#1) Quality of life 

The city of Madison has established a national reputation for being a great place to live, and for a host of reasons. Our lakes, parks, bike trails, festivals, restaurants, entertainment venues, the arts, and the many educational opportunities that are available through the University -- all of these are big draws to the Madison area.

#2) Alignment of values

Our local

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Being a ContributionHow can we live our lives in a manner that is productive, meaningful, and fulfilling? One way is to view ourselves and others as being a contribution. A contribution to our friends, family and neighbors. A contribution to our community. And a contribution in our professional lives, too. 

Being a contribution is one of 12 transformational practices emphasized in the book, The Art of Possibility, by Rosamond Stone Zander and Benjamin Zander, two gifted storytellers with an inspiring outlook on life. According to the authors, playing the "contribution game" has "remarkable powers for transforming conflicts into rewarding experiences".

In order to play the game effectively, Roz and Ben encourage us to declare ourselves as being a contribution, and to

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As the Madison area real estate market continues to evolve this summer, we'll be publishing some new predictions for the rest of 2022. Our first prediction is the return of the unique, hyperlocal market.

Downtown Madison Hyperlocal Market

Here's a little context.

For the last two years, when mortgage rates were historically low and demand was historically high, inventory was depleted to rock-bottom lows throughout all of Dane County. For awhile, no matter where you lived, it seemed you could sell your home in a matter of days or hours and for an incredible price. There wasn't much differentiation between local markets. Every location, every price point, and every type of property was hot.

But now, as demand is mellowing and inventory is increasing, we are once again beginning

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The summertime is usually a time of transition for the Madison area real estate market, and this summer is no exception. Here's a quick look at a few key trends that provide some good perspective on what's going on in the market right now.

Showing activity is trending lower this summer, and is well below the levels from the previous 3 summers.

Take a look at our data through the month of July. Showings last month were down 14% from July of 2021, 26% from July of 2020, and 7% from July of 2019. Property showings will continue to trend lower throughout the summer and the fall, as they typically do during the second half of the year.

Madison WI Property Showings July 2022

Accepted offers are trending lower this summer, too.

Signed contracts for single family homes decreased by 10%

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As mortgage rates have risen in recent months, many buyers are now turning to the Adjustable Rate Mortgage (or ARM) in order to lock in a low interest rate over a five, seven or ten year period. As many as 40% to 50% of all buyers are now choosing an ARM over a fixed-rate mortgage, based on our recent conversations with local lenders.

adjustable rate mortgage

Why would you choose an adjustable rate mortgage?

An ARM allows you to lock in a lower monthly payment during the initial period of your loan. For example, with a 7-year ARM, during the first 7 years of your loan you would lower your interest rate by a full percentage point compared to the traditional 30-year fixed rate mortgage. After the initial 7 years is up, your rate would adjust subject to market conditions

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School’s out for summer! While that can be a welcome break for some kids, others who rely upon school lunches may feel differently. That means it’s the busiest time of year for The River Food Pantry’s mobile meals program, Munch. 

“The River Food Pantry launched Munch in 2016 to bridge the gap that exists when school lunch is not available,” said Helen Osborn-Senatus, The River’s Director of Operations. 

The program initially began with a focus on serving school-aged children eligible for free or reduced school lunch, and since then has expanded to anyone facing food insecurity. This year another stop was even added at a southside apartment to serve seniors and individuals with disabilities who aren’t physically able to visit a food pantry. Still,

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No doubt, there is some fear in the world of real estate right now: Fear about world events. Fear about inflation. And fear about higher interest rates, to name a few.

And because we're human, that fear can cause us to hesitate and put our dreams on hold. But on the flip side of fear, is opportunity. And the market does offer some real opportunities for those of us who are are able to hold onto our aspirations and keep working on our real estate goals.

crisis vs opportunity in real estate

For example

If you've been frustrated by a lack of supply, selection is improving...And you have opportunity.

If you haven't been able to compete, competition is decreasing...And you have opportunity.

If you need to sell in order to buy, home sale contingencies are back...And you have

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