Dane County condo prices increased by 2 percent in May and by 8 percent through the first 5 months of the year. We do expect condo prices to continue to increase this summer due to the low inventory in and around Madison. Stay tuned for our regular blog updates, which will offer plenty of market insight in the months ahead.

Accepted offers

Accepted offers were quite strong in May, given the recent rise in mortgage rates. Signed contracts were lower by 2 percent year-over-year and by 14% year-to-date.

New condo listings

New condo listings came in at the lowest total since 2003. Listings were lower by 13% year-over-year and by 8% year-to-date.

Available inventory

Only 119 listings and .8 months of supply were available for sale

Dane County home prices reached a new high of $219 per square foot in May, which was up 17% from $188 per square foot in May of 2021. Year-to-date, prices are up 15% from the prior year. Price increases will moderate in the coming months as inventory increases and competition decreases. Stay tuned for our monthly reports, which will always be up-to-date with the latest trends in the Madison area market.

Accepted offers

Buyer activity in May was actually quite strong even though interest rates have been rising. Accepted offers decreased 5% from the previous year and were lower by 14% year-to-date.

New MLS listings

New single family home listings were up slightly year-over-year, but remained low from an historical context. Low listing

The word on the street is that Epic Systems has big plans to keep growing. We're hearing that Epic has designs to grow from roughly 11,000 employees right now to 20,000 employees by the year 2030. If these plans do materialize, Epic's growth trajectory will have a huge impact on our local real estate market for decades to come.

Our local housing supply is already low, with just over 1,000 single family homes being built annually in Dane County. With Epic's continued growth, the Epic employee base will be absorbing a big portion of those thousand homes being built each year.

Which is one more reason why we believe Dane County will continue to be an ideal place to build wealth through real estate. Our county is currently the fastest growing region

According to our data from Showing Time, showing activity is decreasing right now, which corresponds with what we are seeing in our day-to-day work out in the field. Here's how showings are trending through the first 20 weeks of the year:

Showings are decreasing in every price range, which is creating a better environment for buyers. On the flip side, sellers are beginning to learn that the fundamentals of pricing, presentation, marketing, and negotiation are becoming vitally important -- once again -- as more balance is beginning to return to our market.

What questions do you have about buying or selling a home in 2022? 

Our team of full-time professionals is here to help you successfully navigate any type of situation in any type of market,

Lately, many realtors in the area have been noting how the market appears to be a little less intense these last few weeks, and the numbers tend to agree. Here's some fresh insight into the Madison area real estate market with a quick look at listings, showings, and mortgage rates. 

First, the number of available listings is increasing.

In fact, inventory levels right now are the highest they've been all year. Buyers have more properties to choose from right now than in any other point in 2022. 

Competition is decreasing. 

As inventory has been increasing, the number of scheduled showings has been moderating. These two trends point to fewer competing offers in the weeks and months ahead. 

Interest rates have been rising. 

More

Dane County condo prices continued to reach new highs in the month of April. Here's our latest Madison area condo market update -- covering prices, sales, inventory, days on market, and more. 

Condo prices

The average price per square foot jumped to $205 in April, which was a new record for our market. Prices were up 11% year-over-year and up 10% year-to-date. 

MLS listings

New listings continue to enter the market at a slow pace, which is one of the reasons why condo prices continue to rise in Dane County. Only 177 condominiums were listed for sale in April -- one of the lowest totals on record for the month. New listings decreased by 6% year-over-year and by 8% year-to-date. 

Months of supply and available listings

As of May

Dane County home prices increased by 12 percent in April, as low supply and high demand continued to be the two big themes in early 2022. Here's our latest single family home update covering all of the most important trends in Dane County.

Dane County home prices

The price per square foot increased to $213, a new record for our market. Madison area home prices were up by 12% in the month of April and by 16% year-to-date. 

New MLS listings

New listings continued to enter the market at a slow pace. Only 681 single family homes were listed for sale in the month of April, which was the third lowest total for the month dating back to the year 2000. Dane County listings were down by 10% in April and by 13% through the first four months of the

Dane County condo prices reached new highs in the month of March, as high demand and low supply continued to push the market higher. Here's our latest report covering all of the latest trends in the Madison area condo market.

Price per square foot

For the first time ever, the price per square foot reached $200 in Dane County. The price per square foot increased by 7% in March and by 9% year-to-date.

New MLS listings

Only 202 condos were listed for sale in March, which was down 8% from the 220 condos listed in March of 2021. Through the first quarter of 2022, new listings were lower by 10 percent from the year before.

Available listings and months of supply

As of April 10th, only 116 condo listings and .8 months of inventory were

As we approach another Earth Day, we can’t help but acknowledge how climate change is impacting our local real estate market. In the last few months alone, we’ve heard from families in Arizona, California, Nevada, and Utah who are planning to move to Madison due to the changing environmental conditions out west. Collectively our clients have mentioned wildfires, excessive smoke, excessive heat, and a diminishing water supply as the reasons for their move.

It’s here. And if we allow climate change to continue unabated, then climate-related migration could create population and environmental pressures in Dane County in ways that we never imagined. 

Which begs some important questions:

• How will we as individuals and as a community limit

Dane County home prices rose 16% in March, as high demand and low inventory continued to create an ideal market for sellers. Here are all of the latest trends for the Dane County single family home market, covering the month of March, 2022.

New single family home listings

A total of 644 single family homes were listed for sale in the month of March, which was the lowest March total on record (our data goes back to 1999). Listing volume decreased by 14% year-over-year and by 16% year-to-date. 

When we break our data into weekly trends, we see for the first time this year, the number of new listings increased when compared to the same week from the year before. A total of 175 homes were listed for sale during the 14th week of 2022, compared to