Mad City Dream Homes Real Estate Blog, Madison WI

It's been a crazy year to the say the least. A global pandemic. Political chaos. And economic uncertainty. Despite all of the chaos, the competition for Madison area real estate is at an all-time high in 2020. According to our latest review of MLS data, 34% of all Dane County home listings received multiple offers through the month of June. This is up from the previous high of 33% in 2018, and up from 26% in 2016, when we first started tracking this statistic. 

How competitive is the market by price range? 

Here's how the numbers shake out:

 Multiple Offers Madison WI June 2020

The very high number of competing offers this year shows there's a lot of pent-up demand for real estate in the Madison area. A lot of buyers are writing offers this year, and a lot of those buyers

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The month of July is almost in the books, and our latest market snapshot shows Madison area home and condo prices keep on rising. As of July 26th, Dane County home prices were up 6% year-over-year and condo prices were up 3%. 

how much is your Dane County home worth

How much is your home worth right now?

We can help you understand your home or condo's current market value and recommend a few simple cosmetic updates that buyers will love, too. Just reach out to your preferred Mad City Dream Homes agent to schedule a short consultation. We'll help you prepare for a successful sale and eliminate much of the stress that so many sellers are experiencing in this year's COVID-19 market. 

For more information on local real estate prices, here's our July 26th snapshot

Madison area home

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If you take some time to browse a few local realtor websites you might come away with the impression that buying a home in this market is easy. For example, one local real estate website says they make buying "easy and comfortable". And another says "we make real estate easy". 

While every good realtor should work to simplify and streamline the real estate experience, we believe you should know that buying a home in this market can be a lot like embarking on a journey, too. And sometimes the journey is filled with a few twists and turns, obstacles, and challenges. 

Madison Home Buyers Overcoming Adversity

Common buyer challenges in 2020

Buyers this year are facing a hyper-competitive real estate market, inspection surprises, difficult sellers, and logistical and safety concerns

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Groundswell Conservancy began as a collaborative effort with the city, county, university, local nonprofits, and individuals nearly 40 years ago to protect Wally Bauman Woods (part of the UW-Madison Lakeshore Nature Preserve) from condominium development along Lake Mendota. Since then, this Madison-based nonprofit has continued using a partnership mentality to permanently preserve hundreds of other special places throughout Dane County and the seven surrounding counties. 

College students with the Prairie Partners ecology restoration summer internship program crew remove invasive species at Patrick Marsh near Sun Prairie. Photo by Ben Jones.

One of more than 50 land trusts in the state, Groundswell Conservancy often consults the Dane County

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Preparing to sell a home can be stressful, but we're here to guide you every step of the way. 

One of our recent home selling clients said the experience working with REALTOR Dan Miller and the rest of the Mad City Dream Homes and RE/MAX Preferred team helped put her mind at ease during what could have been an overwhelming process. 

After nearly a year on a waiting list for an apartment in Lancaster, Judy B. got word in April that a vacancy was available. Suddenly it was time to sell the home she had lived in for 28 years in Madison. She had to downsize and move quickly, and especially with an injury that’s not so easy to do. So Judy reached out to a friend who is a real estate agent up north to see if he had any recommendations for a good local

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The real estate market continues to be competitive for buyers in Dane County. With low inventory and low interest rates, there are plenty of buyers looking to buy their dream home. Our full time Real Estate Agents have time-tested strategies to help their clients stand out from the competition. Mad City Dream Homes REALTORs Ann Raschein and Maureen Moran share a few of their favorite tips and tricks to get their buyer clients into a new home.

Strategy 1: Personalized Outreach

Sometimes a well-crafted letter to the right potential seller can lead to a perfect real estate match. Maureen and Ann have both used this strategy, either to find a yet-to-be-listed property or to augment an offer.

Maureen: I have had buyers know exactly which condo

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Dane County condo buyers were very active in the month of June as local condo prices continued to rise. Here's our latest snapshot of the Madison area condo market:

Accepted offers were up big-time in the month of June.

A total of 205 condo contracts were written in June, which was up 23% from last year. On a year-to-date basis, accepted offers are down by 1% from the first 6 months of 2019. 

Madison WI Condo Accepted Offers June 2020

This chart shows accepted offers by week. As the graph shows, new contracts decreased significantly in April, and then started trending higher in May and June. 

Condo prices rose once again in June. 

The June price per square foot was the highest on record. 

 

Condo sales increased by 8% in June. 

Madison area condo sales were lower by

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June was another strong month for real estate in the Madison, Wisconsin area. Here's our quick summary of how the Dane County single family home market performed last month. 

Madison area home prices increased 4% year-over-year and 5% year-to-date. 

The price per square foot reached a new high in the month of June. 

Madison WI Home Prices June 2020 

New MLS listings were lower by 14% during the month and 14% year-to-date. 

A lack of fresh supply is benefiting home sellers in 2020. June listings were at their lowest level since 2011. 

This graph shows new listing activity by week for the first 6 months of the year. MLS listings have been trending lower since the end of March. 

Despite low inventory, buyers were very active in the month of June. 

The number

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If you've been having a hard time finding your dream home, you may want to consider building your next house. There are plenty of builders in the Madison area who would love to work with you, and we can help you choose the one who's the right fit for your tastes and budget. We can also help you find and purchase the lot or land that your new dream home will be built on.

New Construction Homes in Madison WI

To learn more about the home-building process, please reach out to one of our real estate professionals. We'll help you understand how the process works and lay out a plan for building a beautiful home. 

If you'd like to learn more about locations with new construction properties in the Madison area, check out our blog for our list of emerging neighborhoods. Or, just reach out to

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Home building is a major source of real estate in the Madison area, as many buyers are opting for a new construction home in one of the area's emerging neighborhoods. The appeal is two-fold - buyers get to choose their own customizations and finishes, and it's easier to purchase a brand new home because there's much less competition in the new construction market.

If you've been challenged by our low inventory market, evaluate your options and check out the properties available in some of the area's newest subdivisions. Who knows, you might find just what you're looking for in a new construction home.

Thinking of buying or building a new construction home? Here's our overview of over 50 emerging neighborhoods in the greater Madison area. Contact us

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