Mad City Dream Homes Real Estate Blog, Madison WI

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

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Earlier this spring we were asked to help a family sell their home under some very challenging circumstances. The owner had recently passed away, and her 22-year-old son who was in charge of the estate was overwhelmed by the responsibilities that were before him.

So needless to say we were more than happy to help our client clean the house, clean up the yard, and address a few much-needed repairs. But the house was still in rough shape. It was filled with the smell of cigarettes, and all of the carpet needed to be replaced. Even so, getting the house to this less-than-perfect state was a big accomplishment given our client's circumstances.

Helping Sellers in a Time of Need

How it all played out

When we launched the listing, it was the height of the spring selling season. Back

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Here's the latest scoop on all of the key trends in the Dane County condominium market. 

Madison area condo prices

The price per square foot set a new record for the month of September, jumping from $184 in September of 2021 to $207 in September of 2022.

Madison WI Condo Prices Sept 2022

New MLS condo listings

One reason prices remain high is that the number of new condominium listings entering the market is quite low. Through the first nine months of the year, new MLS condo listings are entering the market at the slowest pace since 2002.

Condo inventory

Because fewer people are choosing to sell their condo this fall, active inventory remains very low. In fact, there are fewer Dane County condos available for sale right now than there were at the same time last

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Here's our latest look at the Dane County single family home market. Do you have questions? Please contact us for a helpful conversation. In the meantime, here's our review of all the latest local trends. 

Madison area home prices

The Dane County price per square foot set a new record for the month of September, jumping from $191 in September of 2021 to $214 in September of 2022. Prices increased 12% year-over-year and 14% year-to-date.

Madison WI Home Prices Sept 2022

New MLS listings

One reason prices remain high is that new listings are entering the market at a slow pace. Through the first 9 months of the year, single family home listings are entering the market at the slowest pace since the year 2000.

Single family home inventory

Because fewer people are

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Congratulations to our home-selling clients, who are enjoying a very productive fall season!

  • To our seller, Ken, who accepted a full-price offer. 
  • To our clients, Jenny and Robert, who accepted an offer for $10,000 above the list. 
  • And to our clients, Cindy and Dwight, who received multiple offers and accepted one for more than $50,000 above the list. 

All three of these stories are great reminders that quality always sells, and that preparation and attention to detail matter. The repairs and maintenance. The cosmetics and staging. The photos and marketing. The pricing and negotiation. All of it matters. And all of it makes an impact. 

Selling a Home in Madison WI 

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You're getting ready to sell your home and you're about to enter into one of the most significant financial transactions of your life. So how do you hire the right listing agent at a time when there are more realtors than there are homes for sale? Here are a few helpful suggestions for hiring the right professional.

How to hire the right realtor

First, ask the people you know for their recommendations.

You can start by reaching out to your friends and family and asking them to share a little bit about their recent home-selling experience. What did you friends and family learn about the home selling process? What worked well and what didn't work well for them? Do any of your friends and family HIGHLY recommend the listing agent that they worked with? If so, ask them to

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According to Altos Research, inventory across the country is up 33% year-over-year. However, that's not the case locally. Right now, Dane County home and condo inventory is actually lower than it was at the same time a year ago.

Here's how single family home inventory is trending:

Madison WI single family home inventory Oct 5 2022

And here's the trend for condominiums:

Why is inventory lower?

Well, one big reason is that the number of homeowners choosing to sell has decreased noticeably over the last 3 months. Many homeowners, who would otherwise chose to move, are choosing to stay put with their 3 percent mortgage rate. And the buyers who are out in the market right now are proving more than enough to keep inventories low and prices high.

So, although you will see plenty of

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Right now both groups are a little timid -- which our data makes abundantly clear.

Buyers, for one, are scheduling fewer showings.

According to our data from ShowingTime, buyer traffic is well below the levels from each of the last three years.

Madison WI property showings Sept 2022

Madison area home sellers are less active, too. 

Through the first 9 months of the year, new Dane County single family home listings have been entering the market at the slowest pace since at least 1999 (which is our earliest year for MLS data). What's more, the slowdown in new listings has accelerated in the months of July, August, and September.

Madison area condo sellers are also less active.

Through the first 9 months of the year, new Dane County condo listings have been entering the

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Five years after the Americans with Disabilities Act (ADA) became law in 1990, a group of parents of children with disabilities founded Movin’ Out to “improve housing access and support, helping to build healthier, more resilient communities.” Over the years, the statewide nonprofit has provided critical housing resources and multi-family rental housing for people with intellectual, physical, or mental disabilities, people with low to moderate incomes, and veterans. 

“As a social justice organization founded around the time ADA was passed, it’s past time for us to acknowledge that our organization has a responsibility and role to play in advancing racial equity and racial justice,” said Movin’ Out Executive Director Kathryne Auerback. “People of color

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For many people, owning a home is about one or more of these aspirations: 

  • creating a future, and creating memories
  • laying down roots, and raising a family
  • breaking bread, and connecting with community
  • connecting with nature, and nurturing creativity
  • enhancing health, and having a sanctuary
  • building wealth, and creating prosperity
  • aging in place, and aging with dignity

Depending on your priorities and your stage of life, homeownership can mean many different things. So, what does homeownership mean to you? We would love to hear from you and help you explore the possibilities. Contact your Mad City Dream Homes realtor to get started. 

buying a home in Madison WI

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