Low inventory continues to rule the market in Dane County, and it's low inventory that continues to drive prices higher. 

Dane County home prices

On a year-over-year basis:

• The price per square foot increased by 7 percent.
• The average price increased by the same amount.
• And the median price jumped by 12 percent.

Through the first 9 months of the year:

• The price per square foot was up 5 percent.
• The average was up 7 percent.
• And the median was up 6 percent.

New listings

New MLS listings continue to enter the market at an historically slow pace. Only 406 homes were listed for sale in September, which was the lowest on record for Dane County. Listings have been trending much lower since the summer of 2022,

As is the pattern every year, property showings are decreasing this fall, too. This is the seasonal nature of our market here in Dane County. 

Another trend worth noting is that showing activity this year is well below the levels from the last several years. This is because fewer people are choosing to sell in 2023, and fewer people are choosing to buy, due to rising interest rates. 

And yet, prices remain high. 

The Dane County real estate market is a unique one, for sure. We'll be shedding more light on all of the latest trends real soon. Stay tuned for our September market reports, which we'll be releasing in the next few days. 

Dane County single family home listings continued to enter the market at a slow pace in the month of September. 

And the trend was the same for condos. 

Meanwhile, home and condo prices were up significantly. We'll have much more into to share on prices...coming real soon. 

The Dane County real estate market continues to be one where buyers outnumber sellers. How do we know this? Here are 3 key indicators of pent-up demand in the Madison area. 

#1: competing offers

It's true, we aren't seeing listings receiving 20 and 30 competing offers this year. But a high percentage of Madison area listings do continue to receive multiple offers. The percentage remains very high when compared to pre-pandemic levels. 

#2: cash offers

The percentage of listings receiving cash offers is also trending along historically high levels, which is another clear sign of pent-up demand. 

#3: days on market

And of course, marketing times, remain historically low. Many Madison area home and condo listings continue to sell in

Dane County home prices continued to move higher in the month of August, and by all measures. Here's our latest single family home update for the Greater Madison area. 

Home prices

The price per square foot increased from $210 in August of 2022 to $220 in August of 2023, an increase of 5 percent. The median price increased by 1 percent, while the average price increased by 4 percent. 

Through the first 8 months of the year, prices were also up by every measure:

• The price per square foot was up by 5 percent. 
• The median was up by 5 percent. 
• And the average was up by 7 percent. 

New listings

New listings continued to enter the market at a slow pace. For only the second August this century, fewer than 500 homes were listed

Cash offers became much more prevalent during the pandemic, and that trend has continued in 2023. Note from the chart below that the percentage of home sales without financing contingencies is trending much higher this year than in pre-pandemic 2019.

A high percentage of cash offers is a clear sign of a competitive market. It's also an indicator of pent-up demand, where the number of buyers exceeds the number of homes for sale in Dane County. Stay tuned for more insight into this topic. We'll have much more to share real soon. 

Here's our latest look at the Madison area condo market, without any hyperbole or spin. 

Dane County condo prices

The price per square foot increased from $214 in August of 2022 to $217 in August of 2023. 

Here's how condo prices are trending through the first 8 months of the year:

• the price per square foot is up 6 percent
• the median is up 13 percent 
• and the average is up 12 percent

We fully expect Madison area condo prices to keep rising based on all of the supply and demand trends that we're observing in the market right now. 

Also note: Because the number of condos sold each month is relatively small, the monthly prices can experience dramatic swings. That's why it's important to focus on the overall trend and not

We recently posted about scarcity in the Madison area real estate market, and right now there is no better example of this than the number of homes and condos being sold. To put it plainly, home sales are at their lowest levels since the Great Recession. 

And the same goes for condos.

And yet, prices are off the charts.

The implications

In a complex market like ours, buyers and sellers will want to hire an agent they can count on when the stakes are high. And the realtor who hopes to thrive in this market will want to stand out as a trusted and caring professional.

That trust, in our opinion, will be earned through a daily dedication to craft. It won't be earned through social media and promotion. Customers will want more and need

Single family home listings increased year-over-year in August, but in the big picture the number of new listings entering the Madison area real estate market remained very low. This was only the second August this century with fewer than 500 homes being listed for sale in Dane County.

Condo listings continued to enter the market at a slow pace, too. Only 126 Dane County condos were listed for sale in August, which was the lowest August total in 21 years.

What's next for the Madison area areal estate market? 

We're expecting high prices and low supply for the foreseeable future. Stay tuned for our August Dane County home and condo market updates, which we'll be publishing to our blog real soon. 

It's a time of scarcity for Dane County real estate. 

A scarcity of land to build on. A scarcity of materials and supplies to build new homes. And a scarcity of labor to do the work. 

One thing that is not in short supply is the number of people moving to Dane County. Our population continues to grow, and the options for homeownership aren’t keeping pace. Given this, we expect home and condo inventory will remain low and prices will remain high for the foreseeable future.

So when will it be a good time to buy real estate? We believe the best time to buy is right now. Not a year or two from now. And not when interest rates fall. Hoping and waiting for a better time to buy when both rates and prices are lower is likely to end in disappointment.