** This article was originally written by Samantha Haas while a member of our team. You can learn more about Samantha and her work here. 

We’re excited to share the following updates from the OWN IT: Building Black Wealth program, a private sector initiative designed to address and eliminate barriers to wealth building and homeownership for Black and brown families in Madison. 

Eight families purchased a home in 2022 with support from OWN IT down payment funds and valuable education offerings. The pilot program is currently offered only to families, alumni, and staff at One City Schools, but OWN IT hopes to expand as the organization develops. 

Pictured above: The first OWN IT homebuyer closed on her first home in April 2022. Congratulations,

Sometimes, due to challenging circumstances, our home-selling clients need an extra amount of support, and we step up to be their project manager. In these cases we're contacting contractors and obtaining estimates. We're scheduling projects and managing timelines. And we're keeping our clients up-to-date on the status of their work. 

This recent condo project on the westside of Madison is the perfect example. By investing $15,000 into paint, flooring, light fixtures, cabinet hardware, and a few other cosmetic updates, our seller was able to improve their condo's market value by more than $50,000. Mad City Dream Homes was a reliable resource throughout -- offering guidance on worthwhile projects, lining up contractors, and overseeing the work. 

We'd like to thank our clients, Jerry and Carolyn, for entrusting their home with us while they were away on an extended vacation. Before they left for their trip, Jerry and Carolyn gave us their keys and asked us to sell their home before their return from the West Coast. 

While they were away

We worked with two of our preferred contractors to complete a few painting projects, change out a few light fixtures, and update cabinet hardware throughout the home. Then we staged the home and launched our marketing, which resulted in a steady stream of showings and 4 very strong offers. In the end, Carolyn and Jerry were elated to accept an offer for well above the list price and with a closing date that was timed perfectly for their upcoming move. 

Who's selling? 

Right now we're seeing most of our sales centered around major life changes. Changes like downsizing into a smaller home and relocating to a new city. And unfortunately, events like death and divorce, too. 

And who's not selling? 

We aren't seeing as many "move-up" sellers as we have in the past. These are the people who are outgrowing their current home and wanting to move up to a larger one. We're learning that many of these folks are choosing to stay put for now, as they consider the impact of higher mortgage rates on their monthly budget.

What's your motivation to sell?

And what questions do you have about the market? Our team is always available for an open and honest conversation, and never with any sales pressure or

Rising prices and limited supply continue to be the two big themes in the Dane County condo market. Here's our latest Madison area condo report, covering all of the latest trends, including: sales, pending sales, days on market, prices, inventory, and much more.

Madison area condo prices

The price per square foot increased by 2 percent in January, while the median increased by 15% and the average by 16%. We do expect prices to continue to rise throughout all of 2023 based on current supply and demand trends. Our preliminary review of the February data indicates prices will be up significantly this month, too. 

New condominium listings

Prices keep rising because new listings continue to enter the market at a slow pace. Only 106 condos were

Who's buying?

Right now we're serving many people who are very motivated to buy their first home and start building a better life through homeownership. Many of these folks are people who have either just started or are getting ready to start their family real soon.

On the other end of the spectrum, we're helping many longtime owners who are getting ready to sell their current home and downsize into a smaller one. These are the folks who are ready to simplify life and ease into a new lifestyle. 

And along these lines, we're also working with many relocating buyers who are working on their dream of living in a community that's a great fit for their values and their lifestyle.

Who's not buying?

We're not seeing as many move-up buyers as we

Here's our first real estate update for the 2023 sales year, covering all of the latest trends in the Dane County single family home market. Do you have questions about the real estate market in your neighborhood? You can always contact our real estate team for an open and honest conversation. 

Madison area home prices

The price per square foot increased from $199 to $210, an increase of 6 percent year-over-year. The median price jumped from $380,775 to $430,000, an increase of 13 percent. 

New MLS listings

A low supply of new listings is one of the reasons why prices keep rising in Dane County. New listings decreased 26% year-over-year, and were the lowest on record for the month of January. 

Dane County housing starts

New

Owning a home is about more than having a place to live. It’s an investment, too. And at Mad City Dream Homes we are here to help you make smart decisions when it comes to your real estate investment.

For example

We are here to help you choose the home improvement projects that will provide the best return on investment, and help you select the right contractors, too. 

We're here to advise you as to whether or not you should buy an individual property, and share our opinion on its resale value. 

And of course, as students of the market, we're always available to share our perspective on all of the latest trends in Dane County.

So, whenever you have any financial concerns about any aspect of real estate, we invite you to please reach out

Last year was a roller coaster ride, for sure. But in 2023, rates have fallen more than a full percentage point below the 2022 peak. In fact, as of this writing, a 30 year fixed rate mortgage from UW Credit Union is now available for as low as 5.75%

How much home can you buy in 2023?

Reach out to our realtor team if you're curious about your purchasing power in today's market. We'll connect you with a local lender who will help you make sense of your current financial position -- and pre-approve you for your mortgage, too. A lender who will give you all the time you need on the phone, and if you wish, even meet with you in person. Now there's a novel concept :)

You have a few dozen 55 plus communities to choose from in the Madison area, but in a low inventory market like ours, the number of listings available at any given point in time is relatively small.

So, if you're in search of a 55+ condo, our advice to you is don't confine your search to a 55 plus community. Instead, try expanding your search by focusing on the condominiums that will help you live the lifestyle you're seeking. When you adopt this approach, you'll discover you have many more condos to choose from. 

Two helpful resources

Two great resources are our Madison and Suburban Madison condo guides. Our guides offer an excellent introduction to hundreds of condominium associations in the Dane County area, and can help you identify the