Here's our latest objective look at the home and condo markets in Madison, Wisconsin. For more information on the larger market in Dane County, check out this recent update on our blog. 

Madison home and condo prices

Madison single family home prices reached an all-time high in July, increasing by 4% in the month and 4% year-to-date. 

Madison condo prices also set a new record in July. Condo prices increased by 4% year-over-year and were higher by 2% year-to-date. 

Madison accepted offers

Single family home accepted offers decreased by 10% in July and by 6% year-to-date. From an historical perspective, buyer activity was still quite strong in the month of July. 

Condo accepted offers increased by 10% year-over-year and

Here's our quick update on the latest real estate trends in Dane County. How does the current market impact you and your real estate goals? Reach out to us for a short conversation. 

Dane County Home and Condo Prices

Dane County single family home prices reached an all-time high in July. Prices increased by 1% in July and were up 2% year-to-date. 

Dane County condo prices were also at an all-time high, increasing by 8% in July and 4% year-to-date. 

Dane County Accepted Offers

Single family home accepted offers decreased by 7% in July and were lower by 5% year-to-date. Still, buyer activity in July was quite strong when compared to each July over the last 20 years. 

Accepted offers for condos decreased by 6% in July and were

Late last year we released our predictions for the 2019 Madison real estate market. Here's our short review of how well those predictions have held up through the first half of the year. 

#1: Mortgage rates will rise above 5%

We, and just about everyone else, whiffed on this one. Rates for 30-year fixed rate loans have dropped to well below 4 percent. This graph from Freddie Mac shows how mortgage rates have trended over the last year. 

#2: Home and condo prices will rise 2 to 3 percent

Madison home prices have increased by 4% through the first 6 months of the year. 

Madison condo prices have increased by 2 percent. 

#3: Foreclosures will rise

Madison area foreclosures have actually decreased through the month of

Wondering what's going on with the Madison area real estate market? Check out our brief snapshot below, which shows the latest trends for both homes and condos. 

Accepted offers

Buyer activity was below expectations during the first quarter of the year, but picked up significantly in April and May. Dane County single family home accepted offers increased by 1% in May, and were lower by 8% year-to-date. 

Condo accepted offers were lower by 5% in the month of May and by 10% year-to-date. 

Closings

Single family home sales (closings) increased by 8% in May and were lower by 3% year-to-date. 

Condo sales were up 4% for the month and down 5% year-to-date. 

Expired listings

Expired listings are increasing in 2019, as we

Here's the latest scoop on the Dane County Condo market - hot off the presses. 

Inventory

As of May 20th, there are only 1.4 months of condo supply across all price categories, with 47% of all Dane County condo listings under contract. The under $250,000 market is extremely hot. 

New listings

New MLS listings continued to enter the market at a slow pace in April. Listings decreased by 11% from April of 2018 and 14% year-to-date. 

Accepted offers

Accepted offers were down 2% from April of 2018 and 12% year-to-date. 

Sold listings

Dane County condo sales decreased by 14% in April and 8% year-to-date. 

Condo price per square foot

The price per square foot increased by 9% in April and 1% year-to-date. 

The Dane County real estate market got off to a sluggish start during the first 3 months of the year, as single family home accepted offers decreased by 15% from the year before. However, buyer activity picked up significantly in the month of April. Here's our update on the latest real estate trends in Dane County.

Accepted offers

Buyer activity in April was more in line with what we expect to see in a spring market. A total of 680 single family home listings received accepted offers in April, down just 4% from the year before. 

New listings

New single family home listings continued to enter the market at a slow pace, which is great news for sellers. New listings decreased by 9% in the month of April and 10% year-to-date. 

Months

It came later than expected this year, but the hot spring real estate market has officially arrived to Madison. Right now over 50% of the home and condo listings in Madison have an accepted offer, which is one of our key indicators of a fast-moving market. Last year, the market hit this milestone in the month of February. This year, the market didn't reach this mark until the month of April. 

Why was the spring market delayed in 2019? 

Certainly, weather was a big factor. This year's long and unusually harsh winter caused both buyers and sellers to delay their plans for this year's market. Higher interest rates in early 2019 were also a factor, but then rates dropped at the end of March and the market responded positively. 

What to expect in

Mortgage rates have plunged to their lowest levels in over a year. Check out this chart courtesy of Freddie Mac, which shows the average rate for a 15-year fixed rate loan dropped to 3.75%, while the average rate for a 30-year fixed rate mortgage dropped to almost 4% at the end of March. 

Rates are very attractive right now as many buyers are gearing up to purchase a new home during the spring buying season. This is great news for sellers, too. Here are a few timely tips that will help sellers take advantage of lower rates in 2019. 

5 Tips for Sellers in 2019

1) Take advantage of the spring selling season while rates are attractive. Remember, the best months for sellers are typically March, April, May and June. Strong seasonal demand and low

What are the hottest price points for Madison area real estate listings? We've taken a close look at the latest MLS statistics and there are 2 clear trends standing out in this year's market.

Madison single family home listings priced under $300,000 are super hot

Take a look at our snapshot below of the Madison single family home market. It shows properties priced under $300,000 have a very high percentage of listings with an accepted offer. Listings priced under $250,000 are especially hot, with over 60% of these properties currently under contract and scheduled to close soon.

What does this data mean for sellers and buyers in 2019? If you're selling a home for under $300,000 in the city of Madison, you have a great opportunity to leverage

Late last year we predicted the Dane County real estate market would be more balanced in 2019, based on the belief that interest rates would rise above 5%. In December, the market did cool as cautious buyers waited out a rocky stock market. The month of January was a different story, however. The stock market stabilized last month and mortgage rates moved lower rather than higher. Local home and condo buyers responded very favorably in January and are very active in the market right now.

Single family home buyers were very active in January

Single family home accepted offers increased in the month of January after decreasing by 19% the month before. As the graph below shows, accepted offers reached the 4th highest total ever for the month of