Inventory is tight for single family homes, and it's tight for condos, too. Here's our latest scoop on the Madison area condo scene covering the first 6 weeks of the year. 

Percent of listings with accepted offers and months of supply

Right now 58% of all Dane County condo listings are under contract with an accepted offer, which is a very high number for mid-February. Competition is especially high for condos priced under $350,000. Overall there are only .7 months of condo supply in Dane County. This is the lowest inventory level that our team has ever reported for our market. 

New MLS condo listings

Only 130 new listings entered the Dane County condo market in January. This was the third lowest total on record for the month. 

What's going on with Madison area real estate? The story of the year so far is low inventory. Here's our latest snapshot of the Dane County single family home market -- covering the first 6 weeks of 2021. 

Percent of listings with accepted offers

Right now 54% of all Dane County single family home listings are under contract with an accepted offer, which is a very high number for this time of year. The market for homes priced under $500,000 is especially competitive. 

Months of supply

Right now there are only .6 months of single family home supply throughout all of Dane County. Inventory is especially low for homes priced under $500,000. 

New MLS listings

Dane County property owners have been slow to put their homes up for sale

If you're thinking of selling your home in 2021, now is the time to put your home on the market, even though we're in the middle the winter season. Here's why: so far this year new listings are entering the market at an extremely slow pace. And with so much demand in the marketplace, many sellers are receiving multiple offers and selling for tens of thousands of dollars over the list. 

For a little more context, here's a quick look at how new MLS listings are trending in early 2021. 

Dane County new single family home listings

New single family home listings reached a new low in January and fell by 32 percent from January of 2020. Last month was the only January on record to log fewer than 400 new listings. 

Dane County new condo

The Madison area condo market was very active in December, as condo closings and accepted offers increased big-time to close out the year. Here's our latest market update along with our commentary on what to expect in the year ahead. 

Madison area condo sales

Despite low inventory, Dane County condo sales grew to the second-highest total on record for the month of December. Sales increased 29% year-over-year and 14% during the calendar year.  

Accepted offers

Local condo buyers were very active last month and almost set a new record for the month of December. Accepted offers increased 28% from the prior December and 14% during all of 2020. We expect strong sales totals in January based on the number of contracts signed in December. 

December was another strong month for the Dane County single family home market. Here's our quick overview of the latest single family home trends and a sneak peek at what lies ahead in 2021. 

Madison area home sales

Dane County home sales set a new record for December, increasing by 17% from December of 2019. Home sales set a new annual record in 2020 and grew by 7% from the year before. 

Accepted offers

Accepted offers decreased 4% year-over-year, but buyer activity was still strong compared to most other Decembers over the last 20 years. 

Expired Listings

Expired listings reached a new low for the month of December. Low inventories and strong buyer demand have created a market with very few expired listings. 

Days on

The new year is upon us, which means it's time for our 2021 real estate predictions. Below we've identified 7 key real estate trends for the coming year, many of which have been shaped by the tumultuous events of 2020. For a look back at last year's predictions, check out this article from our blog. 

Our 2021 Madison real estate predictions

#1: Mortgage rates will remain historically low for the whole year. 

The Federal Reserve has indicated it's committed to doing what it can to keep mortgage rates low for the foreseeable future. If this holds true, this means rates for a 30-year mortgage should be around 3 percent for all of 2021. 

#2: Home and condo sales will be at or above the levels from 2020. 

Low mortgage rates will fuel a

The Madison area condo market continues to be very active as we approach the new year. Here's our latest report on the Dane County condo market, covering the month of November, 2020. 

Dane County condo sales

Madison area condo sales jumped 14% in November and set a new record for the month. Even though we're in the midst of the holidays, many buyers are motivated to make a purchase before the end of the year. 

Accepted offers

Accepted offers increased 21% in November and established a new record for the month, too. We're expecting a high number of closings in December and January based on the large number of buyers writing offers in November.  

Madison area condo prices

Dane County condo prices reached a new high for the month

November was another record-setting month for the Madison area single family home market. Here's our latest Dane County home report covering the month of November, 2020.

Dane County home sales

Madison area home sales set a new record for the month, increasing by 13% year-over-year and 6% year-to-date.  

Accepted offers

Accepted offers also set a new record for the month, increasing by 9% year-over-year. A high number of accepted offers in November will lead to strong sales totals in December and January. 

Months of supply and percent of listings under contract

Right now there are only .8 months of single family home supply available for sale on the MLS, while over 49% of all listings are under contract (a very high percentage

The holiday season has arrived, so it’s time to reflect on last year’s real estate predictions before we share our predictions for the coming year. As you’ll see below, our crystal ball was accurate with a few of our 2020 real estate predictions and off the mark with a few others.

Where our crystal ball got it right

Last year we predicted historically low mortgage rates and housing inventory, which have proven to be true. We predicted confusing and contradictory messaging about the economy and the market, which has also been on the mark. Last, we summed up our predictions by saying more consumers would seek the advice of full-service, real estate professionals. Based on our experience, this has also been true. We’ve served more buyers and

November and December are typically the two slowest months for real estate in the Madison area. Of course, this year has been anything but typical.

Although buyer activity does tend to slow during the holidays, we're still sensing strong interest from local buyers for this time of year. For example, check out the chart below, which compares the number of new monthly visitors to our website compared to the same month of the previous year. 

So far, through the first 23 days of November, our website traffic is up 20% from last year. If we use the number of new visitors to our website as a proxy for buyer interest, then interest in Madison area real estate is quite high for this time of year. Despite all of the political chaos and uncertainty in