Market Updates

Articles about the Dane County and Madison Real Estate Market

Found 49 blog entries about Market Updates.

Low Housing Supply in Madison WIRealtor.com says Baby Boomers are a major cause of the housing shortage in the US. According to these recently released survey results, Boomers are generally satisfied with their current home and reluctant to move onto a new setting. This generational trend, according to the survey, is keeping listing inventory low and freezing would-be buyers out of the market. Among the survey findings:

  • 72% of Boomers say their home meets their current needs.
  • 85% of Boomers don't plan to sell in the next year.
  • Up to 33 million properties are being withheld from the market due to this generational trend. 

There's much more to the story than this. 

The survey makes it clear Baby Boomers are generally content to stay put in their current home, but it

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Through the first half of 2017, the Dane County real estate market is setting new records in a continuation of the trends we shared earlier this Spring. Dane County properties are selling quickly. Inventories are low, and prices are increasing. Sales are declining in most locations due to low supply. Here's our market summary covering a few of the county's largest communities. 

Home Price Per Square Foot

The price per square foot is our best statistic for measuring property value because it's adjusted according to the square footage of each sold listing. As you can see in the table below, home values are historically high in every community we track. Prices are increasing by some large amounts, especially in Cottage Grove, Madison, and McFarland -

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We recently blogged about the shifting summer real estate market, and how buyers and sellers should adjust their expectations accordingly. This confuses some people, because media headlines can lead us to believe the market is always in a crazy, hyperactive state. The truth is the market is constantly changing throughout the year.

Another thing to keep in mind about real estate headlines is most of the time they're based on old data. For example, very soon we'll be reading about the latest market data for closings that occurred in the month of June. The important thing to remember about the June data is it's based on offers that were written in the months of April and May. By default, most of the headlines we read are the result of market dynamics

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The Madison single family home market continued to show rapid price appreciation in May. The May price per square foot was $158 which was up 12 percent from $142 per square foot in May of 2016. Prices in May were well above the market peak from 10 years ago. 

Through the first 5 months of the year, the price per square foot was $153, an increase of 11% from $138 through the first 5 months of 2016. 

 

Days on market are at record lows. 

Single family homes are selling at the fastest pace ever. The average days on market in May was only 28 days. 

Year-to-date through May, the average days on market was only 41 days, also a record low. 

Inventory remains scarce. 

Only 1.4 months of supply were available for sale as of June

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The Madison condo market has been hot all year and prices are on the rise. Prices rose 15% in May based on our price per square foot statistic. The May price per square foot was $143, compared to $125 in May of 2016. 

 

Year-to-date through May, the price per square foot is up 12% - from $134 in 2016 to $151 in 2017. This year's market is approaching the 2006 market peak - when the price per square foot was $152. 

Madison condominiums are selling at the fastest pace on record. 

Condos are selling at the fastest pace ever. The May average days on market was only 41 days. 

 The year-to-date average is 52 days - also a record low.  

What's driving the hot market? 

Low inventory. As of June 9th, only 1.5 months of supply were

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Madison home and condo prices took a big leap in April. Here's a quick look at the April numbers. 

Home Prices

The price per square foot jumped by $22 from April 2016 to April 2017. That's an increase of 16%. 

Year-to-date, the price per square foot was up by $14 through the month of April - an increase of 10%. 

Condo Prices

The April condo price per square foot increased $16 year-over-year - an increase of 11%. 

Year-to-date the price per square foot was also up by 11%

What's driving prices higher? 

Increased competition. Amazingly, 47% of all single family homes that went under contract in March involved 2 or more competing offers. That's the highest percentage we've seen in the Madison market. Increased

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The market this year is playing out as expected. Inventories are historically low. Properties are selling quickly. And prices are rising rapidly throughout Dane County. Here's a quick market snapshot covering a few of the county's largest communities. 

Home Prices

Dane County Home Prices by CommunityWe use the price per square foot to track the change in local home prices. Property values are rising rapidly and setting new highs in Fitchburg, Madison, Sun Prairie, Verona and Waunakee. We expect Middleton home prices to reach new highs within a few months.

Low inventories and strong demand are driving prices higher. Bidding wars and "escalation clauses" have become very common this spring, especially for listings priced under $350,000. 

Condo Prices

Dane County Condo Prices March 2017The condo market used to be

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Madison home prices started the year off strong in 2017. The price per square foot reached a record high of $139, up 8% from $129 in January of 2016. 

Madison Home Price per Square Foot 

Measuring prices in another way (the average price), home prices increased by 10%. The average price of $271,485 was a record high for the month of January. 

Madison WI Average Sales Price Jan 2017 

Get Used to Rising Prices in 2017

We expect prices to rise by at least 5 to 6 percent this year due to persistently low levels of inventory.  If you're buying, you'll need to adjust your tactics in order to compete in this year's seller's market. Check out our blog for our 2017 home-buying tips. 

If you're selling, your home may be worth a lot more than you think, especially during this year's Spring selling season. Contact us for

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Madison Listings with Accepted OffersWe track a lot of stats each month to stay in touch with the latest real estate trends in Madison. If we were to choose the most meaningful statistic it would be the percent of listings with accepted offers. Knowing this number provides some great insight into the momentum and direction of the market. 

Right now an amazing 51% of all Madison single family home listings have an accepted offer. This is a high percentage for any time of year, especially the month of February. It tells us the Spring market has already arrived in Madison.  

This Year's Market is Hotter

Last year at this time only 35% of all Madison single family home listings had an accepted offer. This year more than half of all listings are under contract and scheduled to close

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It's only February 1st but it's already beginning to feel like a Spring market. So far this year 4 of our transactions have involved cash offers. One of our listing clients just received 4 cash offers - all of them for above the list price. 

Single family homes are in short supply, and buyers are adjusting their tactics accordingly. Here's a quick overview of the competitive real estate market in Dane County.  

Madison Single Family Homes

The real estate market in Madison is hot under $400,000. Overall there are only 1.1 months of inventory available for sale. Almost one-third of all single family home listings have an accepted offer (a high percentage for this time of year).

Fitchburg Single Family Homes

The Fitchburg real estate

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