The pendulum has swung for Madison real estate. It's a seller's market this year. Many Madison listings are receiving multiple competing offers. Homes and condos are selling quickly. And they're selling for higher prices.

So what's a buyer to do? Below are ten tips to help you land your dream home in 2013.

Ten Home Buyer Tips

1. Don't rely on open houses as your method for finding a home. Buyers this year are learning many new Madison listings are selling within days of going on the market, even before the first open house!
2. Don't limit your search to distressed properties. The inventory of bank owned-properties and short sales is shrinking, and many other buyers and investors are already combing over these listings.
3. Don't assume the condo

We posted earlier this year how Downtown Madison condo prices were set to rise in 2013. As we make our way into the Spring buying season, we are in fact seeing prices rise in many areas of Madison, and especially downtown. The inventory of condos for sale in Downtown Madison is much lower than in previous years, and sales are up significantly. Consider these numbers for the first 3 months of 2013 which come from our review of data from the South Central Wisconsin MLS:

Dane County condo sales were up by a whopping 59% from the first 3 months of 2012, but even more startling downtown sales were up by 89%.  That's right, during the January through March time period, downtown condo sales totaled 34 purchases versus 18 the year before. We expect this pace

It may seem hard to believe, but Madison buyers are embracing the condo once again. Enticed by low interest rates and lower prices, buyers have jumped back into the Madison condo market in a big way. Consider these numbers which come from our review of data from the South Central Wisconsin MLS:

• Dane County condo sales have increased each of the last 11 months.
• Condo sales in 2012 increased by 30% from the year before.
• Sales have accelerated in recent months, with January and February condo purchases increasing by 58% and 56%, respectively.
• Pending condo sales (condo listings with accepted offers) are 51% higher right now compared to the same time last year.
• With more buyers choosing condos, the inventory of condos for sale has fallen

"March Madness" has descended upon Madison, Wisconsin. That means plenty of hoops action at the Kohl Center. The boys state basketball tournament begins this Thursday at the Kohl Center, followed by the girls state tournament next week at the Resch Center in Green Bay. Bucky will also be playing his heart out, hopefully into the later rounds of the NCAA tournament.

The term "March Madness" also applies to our local real estate market. With more demand and less supply, many sellers are benefiting from a feeding frenzy for homes. As one client commented to me this weekend, "this market is crazy!". Her first 3 showings resulted in 3 offers (all of them above the list price), and we had her house sold in 4 days.

This is the kind of market we expect

This weekend I came across this sign at the intersection of Midvale Blvd and Mineral Point Rd on Madison's near west side. This intersection is surrounded by the Westmorland, Sunset Village, Hill Farms and Midvale Heights neighborhoods. It's an interesting place to post a sign targeting distressed sellers. The near west side is Madison's most stable real estate market, where the home values have held up amazingly well, even through the worst of the real estate downturn.

Most sellers on the near west side are far from distressed. Sellers on this side of town benefit from a strong demand for a limited supply of homes. With the Spring market right around the corner, the buyers will be out in full force very soon, and many of them will be targeting

What makes Madison, Wisconsin original and unique? The neighborhoods. Madison is home to an amazing variety of local settings, each with its own identity and character. There is no better example of this than the neighborhoods on Madison's Near East Side. Authentic. Ecclectic. Urban. Unique. All of these terms have been used to describe the neighborhoods on the Near East Side of Madison.

The real estate on Madison's Near East Side dates back to the late 1800s and early 1900s. With homes lining Madison's Isthmus and the city's two iconic lakes, the setting of the Near East Side is like no other in Madtown.

The Near East Side is home to Lake Mendota, Lake Monona, Atwood Avenue, "Willy Street", James Madison Park, and Olbrich Gardens. It's the unique

The houses for sale on the north side of Madison offer the most home for the money compared to the real estate in any other side of town. As you'll see from the graph below, the north side "price per square foot" for single family homes was only $93 in 2012. This represents a 27% decrease from the peak year of 2006, when the average was $128 per square foot.

Many of the homes on Madison's north side were built in the middle of the century, a time when many high-quality, moderately-sized houses were constructed. If you're a buyer seeking an old-fashioned bungalow or ranch-style house at a reasonable price, the northeast side of town offers a good selection of real estate for your review.

Today's lower prices, low interest rates, and rising rents are

Downtown Madison condos are on the rebound. Prices in Madison's Downtown dropped by 20% from 2006 to 2011. In 2012, Madison buyers responded to lower prices and returned to the downtown condo market in a big way. As you'll see from the graph at the bottom of this post, the price per square foot actually increased in 2012, as the market settled into a much better balance between supply and demand.

This is welcome news for buyers and sellers alike. Sellers have been waiting for a bottom to the condo market, while buyers have been seeking some reassurance that their investment will hold its value over time.  Please feel free to contact us with any questions you may have about condos in Downtown Madison, Wisconsin. We can help you better understand the

Prices are rising again in Madison. All real estate is local, and in many Madison neighborhoods we're seeing houses selling for prices that weren't realistic two years ago. Our Madison "price per square foot report" puts our day-to-day observations to numbers.

Our latest look at the numbers shows the Madison price per finished square foot increased in the last quarter of 2012 after increasing in the second quarter as well.

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For the entire 2012 year, the Madison price per finished square foot was down by only a dollar, or less than 1%.

The numbers show a movement toward price stabilization in 2012, and we fully expect Madison home values to rise in 2013. With increased demand, and less supply, the market has turned in a favorable