Are you putting off your home-buying plans until the market becomes less competitive? You could end up waiting a long time. We anticipate 2022 will be extremely competitive for Madison area home and condo buyers, much like the market we've experienced in 2021. 

Our rationale?

The percent of listings receiving multiple offers right now is off the charts compared to prior years, which suggests to us that there is still a very large pent up demand for real estate in the Madison area. Here's some historical context:

2019

The chart below shows the month of April was the most competitive month for home buyers in 2019, with just under 36% of all single family listings receiving multiple offers. Up until 2019, this was a pretty typical pattern, with

We've been hearing a lot of chatter in the Madison area realtor community about a slower real estate market -- and one that's possibly shifting -- but all of the data we are viewing right now shows a market that is normal and expected for this time of year. 

Single family homes

Take single family homes, for example. If we go back to the pre-covid era (2019), we see Madison area buyers were very busy during the first half of the year, and then became less active as the year progressed. As far as seasonality goes, this was a pretty typical year for our (pre-covid) market. 

In 2020, the normal seasonality of our market was disrupted by the arrival of the COVID pandemic in March. Buyers were less active in the spring, and much more active in the

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

Dane County condo prices

Dane County condo prices set a new record last month, increasing by 7% from July of 2020. Year-to-date prices were up 14% compared to prices through the first seven months of last year.

Accepted offers

Condo buyers were extremely active in July of 2020 due to the impact of the pandemic on the market. Condo buyers were very active in July of 2021 as well, but accepted offers were lower compared to last year's unusually strong numbers.

New MLS listings

New condo listings continued to enter the market at a subdued pace. A lack of supply

Dane County home prices increased by double-digits for the 5th straight month in July, but we're seeing signs that price growth may be moderating soon. Here's our latest update on the Madison area single family home market. 

Dane County home prices

Dane County home prices increased by 10% year-over-year and by 12% year-to-date. The average July home price was a whopping $419,402, and July was the fifth straight month that the average home price landed above $400,000. However, we do believe price growth will moderate in the months ahead based on some of the trends that we are observing right now. 

Percent of sales with competing offers

Our preliminary data through the month of June suggests that the percent of home sales with multiple

Inventory is increasing across the country and it's rising locally, too. As of this writing, there are almost 600 Dane County single family homes listed for sale on the MLS without an accepted offer. Earlier this spring, during the height of the home buying frenzy, there were only 300 homes available.

With more homes available for sale, the market is becoming more hospitable for Madison area home buyers. Generally speaking, there are fewer competing offers and fewer bidding wars right now compared to the height of the spring buying season. More opportunities are opening up for buyers who are staying in the game and who are staying committed to their search. 

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June was another profitable month for Madison area condo sellers. Here's our latest update on the Dane County condo market. 

Dane County condo prices

The price per square foot set a new record in June, increasing by 21% year-over-year and by 16% year-to-date. 

Dane County condo sales

Although prices were high, sales were limited by low inventory. 

Accepted offers

New contracts were also limited by low supply. 

Condo months of supply

Only .7 months of supply were available for sale as of July 16th. The under $300,000 market is especially competitive in Dane County. 

New MLS listings

New listings continued to enter the market at a subdued pace in June. 

Days on market

The average days on market

The numbers for the month of June are in, and once again, it was another very favorable month for Madison area home sellers. Here's our latest update on the Dane County single family home market. 

Dane County home prices

Dane County home prices set a new record for the month -- increasing by 12 percent year-over-year and 12 percent year-to-date. 

Dane County home sales

Sales (or closings) in June were limited due to low supply. 

Accepted offers

Despite low supply, accepted offers came in at the second highest total on record. Based on this, we expect strong sales totals in the months of July and August. 

Dane County competing offers

The percent of listings receiving more than one offer reached an all-time high in the

Madison area single family home listings started the year roughly 25% lower than the listing totals from the last several years. But now that our June numbers are in, we're beginning to see signs that more homeowners are deciding to sell as our society opens up with the vaccine roll-out. 

A total of 779 Dane County single family homes were listed for sale in June, which was consistent with the June totals over the last 10 years. We believe this may be a sign of more homes hitting the market in the months ahead. In the last few weeks we've heard from several homeowners who are deciding to sell really soon in order to take advantage of this year's hot market. 

Real estate is now a 12 month season in Dane County

Traditionally, the spring and

The numbers are in, and Dane County condo prices continue to rise at the fastest pace we've ever seen. Here's our inside scoop on the Madison area condo market, covering the month of May, 2021. 

Price per square foot

The price per square foot jumped from $159 in May of 2020 to $190 in May of 2021. That's a 19% increase year-over-year and a 14% jump year-to-date. 

New condo listings

One of the reasons prices are rising is a scarcity of new supply. Only 186 Dane County condo listings entered the market in the month of May, which was the lowest level since May of 2010. 

Condo inventory and percent of listings with accepted offers

As of June 9th, only .6 months of condo supply were available for sale in Dane County. Overall, 70% of

The month of May was another very favorable month for Madison area home sellers. Here's our quick snapshot of the Dane County single family home market. 

New MLS listings

Only 713 new MLS listings entered the market in the month of May, which was one of the lower new listing totals going back to the year 2000. 

Months of supply and percent of listings with accepted offers

As of June 7th, 58% of all listings were under contract with an accepted offer, which was lower than the 67% recorded last month. Right now there are .8 months of supply, which is up from .5 months in May. Single family home inventory is not quite as tight as it was during the peak spring market. 

Percent of listings receiving multiple offers

Our competing