Mad City Dream Homes Real Estate Blog, Madison WI

Being a nice person who strives to be of service to others may be necessary for a rewarding career in real estate, but it's not sufficient. You also need to have a plan that you're willing to embrace over the long run. 

If you're a realtor, and you'd like some help identifying a plan that's a good fit for you, please feel free to contact us. We'd be happy to meet with you and offer you a little outside perspective. 

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Dane County home prices continued to appreciate in March, as listings decreased. Here's our latest update on the Madison area single family home market. 

Dane County home prices 

The price per square foot increased from $218 in March of 2023 to $240 in March of 2024. That's a 10 percent increase year-over-year. Note the price per square foot is up 10 percent through the first quarter of the year, too. 

The median and average price were also higher in the month of March:

  • The median price jumped from $426,500 in March of 2023 to $467,700 in March of 2024 -- an increase of 10 percent. 
  • The average price moved from $483,519 in March of 2023 to $510,584 in March of 2024 -- an increase of 6 percent. 

Madison WI Home Prices March 2024

 

New listings

After

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Recently I started helping my friend who has been looking for a cute little condo on the west side of town. And we came across the perfect match. Two bedrooms. Full of natural light. And walkable to all of the shops and restaurants in the area. 

And we wrote a great offer, too. But unfortunately there were 8 other offers and my friend's offer was the runner-up. 

This was a huge disappointment to my friend...BUT...after we absorbed the setback, we came out of our conversation with a little more knowledge and a renewed commitment to her goals. 

Next up, we'll be sending letters to all of the owners at my friend's favorite condo development. With a little persistence and patience, my friend will find the right condo. We will get her into a new

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Dane County condo prices rose from $200 per square foot in March of 2023 to $223 in March of 2024. That's a 12 percent year-over-year increase. Note the price per square foot is up 13 percent through the first 3 months of the year. 

Prices were up by other measure, too: 

  • The average price grew from $295,361 in March of 2023 to $332,689 in March of 2024 -- up 13 percent. 
  • The median price grew from $276,500 to $311,000 -- moving 12 percent higher. 

 

Madison WI Condo Prices March 2024

New condo listings

Condo listings increased for the second straight month. This is an encouraging sign, but it's important to note that buyer demand still far exceeds the supply of available condos. A total of 179 Dane County condominiums were listed for sale in March, compared to

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growing and nurturing your sphere of influenceIn our latest real estate careers article we cover the basics of growing and nurturing your database, or "sphere of influence". Growing and nurturing your database is the single most important thing you can do to guarantee a rewarding and long-lasting career in real estate. Many agents are intimidated by this task, but the good news is our team offers a ton of support in this area. You can also make the "nurturing" part of your database a lot of fun - by staying in touch with your database in ways that are authentic to your personality. 

What is a real estate database?

Your real estate database is your network of friends, family, clients, and other people in the community that you stay in touch with. Ultimately these are the people who come to know

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One proven way to enjoy a long-term career in real estate is to make a habit of helping other people, and to help others without any expectation for reciprocity. 

So, if someone I know wants to know what their home is worth, even though they have no plans to sell, I help them. If another person wants to know how much they can rent their home for, I help them, too. And if another person I know wants help finding a contractor to remodel their bathroom, I help them find a good contractor. 

I gladly help all of these people even though they have no plans to sell. 

If I only help people when I hope to receive something in return, that's not helping. That's transacting. 

The big irony here is that it's the agents who transact, the ones who are in it

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New single family home listings decreased in the month of March after starting the year off stronger in January and February. 

Madison March 2024 Single Family Listings

 

While condo listings moved higher each of the last two months. 

 

We continue to see heavy competition and rising prices in this year's spring market. Stay tuned for our full reports on the Madison area home and condo markets, which we'll be releasing real soon. 

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One clear sign of someone who's devoted to their craft is their willingness to do the inconvenient thing. Not because they have something to gain by doing it. But because it's worth it to them. Because in their mind doing the inconvenient thing is the right thing to do. 

For example: 

  • The crossing guard who greets each kid with a hello and a smile. 
  • The teacher who works everyday to build community in the classroom and make learning fun. 
  • The doctor who attends to her patients with kindness, empathy and patience --  knowing that her patients may be worried or concerned.  
  • And in real estate, the agent who helps her clients solve problems, and stay focused and positive, when they encounter a setback.

For some

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Realtors have been in the headlines (and crosshairs) lately, which led me to do a google search of the most trusted and least trusted professions. And I came across this recent study by Gallup. (Real estate agents aren't included in the 2023 study, but in 2022 they were ranked just above attorneys and just below bankers.)

Gallup Poll about the Most and the Least Trust

According to this study, the most trusted are nurses, veterinarians, doctors, dentists, and engineers. The least trusted are politicians and people in marketing and sales. 

Or put another way, the most trusted are people who are known mostly for serving and tending to the well being of others (relational), while the least trusted are people who are known more for selling (transactional).  

All of this suggests to me that we

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