Market Updates

Articles about the Dane County and Madison Real Estate Market

Found 49 blog entries about Market Updates.

New Home Construction Trends Madison WIHome supply in the Madison area is low and the demand for housing is booming, yet home building levels have been flat for the last 4 years. So why aren't more homes being built in Madison and Dane County? One industry expert recently shared his insights with me (see below). 

Why aren't more homes being built in and around Madison? 

Before the 2005 housing downturn, activity with developers and financial institutions in various stages of planning and completion was robust. It was a financially rewarding time to be a lender or a builder. When the downturn hit, the emotional and financial shock took many by surprise and is reflected in the current reluctance of lenders to provide capitol, and developers and builders to take chances.

The one

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It's going to be another wild and crazy year for real estate in 2017. Low supply will be the HUGE theme as the weather starts to warm. If you're serious about buying in 2017, you'll need to go "all in". The market is already playing its hand this year - and supply is trending lower. Here is some quick insight into the inventory trends at play in the Madison area real estate market. 

Madison Single Family Home Inventory is Historically Low

Right now there are only 1.1 months of inventory in the Madison single family home market. Last year at this time there were 1.6 months. What's more, active MLS listings are down 20% from where they were last year. Almost one-third of the listings on the market right now are under contract (a very high percentage

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Madison WI Home PricesMadison home prices will rise again in 2017 because inventory remains low and there is a large pent up demand for real estate. Despite modestly higher interest rates, expect a Spring market full of bidding wars and listings that sell in a matter of days or even hours.

If you're a serious buyer, begin your search in December or January rather than delay until the Summer or Spring. The competition for housing will become very fierce very soon. 

If you're a committed seller, know that in today's market you don't need to list in the Summer or Spring in order to have a successful sale. You can list in early 2017 and achieve positive results. The data below demonstrates why the market favors you.  

Signs of a Seller's Market

We just completed a

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These days a lot of our real estate news comes from social media chatter and headlines. In this post we summarize the latest market trends with some objective data straight from the MLS. Here are the latest scoops on the 2016 Spring markets in Fitchburg, Madison, Middleton and Verona. 

Fitchburg Homes and Condos

Inventory is tight in both the single family home and condo markets. Below are a couple of quick nuggets followed by more market info on our SlideShare real estate page. 

  • Fitchburg single family home inventory is especially tight for properties priced under $400,000. Right now there is only 1 month of supply for listings in this price range. Sixty-two percent of these listings are under contact and scheduled to close soon. 
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Where are the hottest markets in Dane County? In this post we take a quick look at the larger markets in the western half of the county, specifically Fitchburg, Madison, Middleton, and Verona. 

We use two key measures to gauge market momentum - months of supply and the percent of listings with accepted offers. When we use these two statistics there are two markets which stand out above the rest. 

Dane County's Hottest Condo Market

Condos are selling very well across all of Dane County, but the Verona condo market is the market that stands out above all others. Right now there are only 1.5 months of condo inventory available for sale in Verona. Amazingly, 64% of the condo listings in Verona are under contract and are scheduled to close soon. 

 

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How's the market shaping up this year? Here are our 8 predictions for the 2016 Madison real estate market. 

Madison Real Estate Predictions 2016

Prediction #1: The Madison rental market will remain tight. 

Apartment vacancy rates will remain low, even though construction is booming with thousands of new units planned for 2016 and 2017. Dane County's apartment-hungry population continues to absorb new inventory, thanks in large part to the growth of Epic Systems and other local tech companies. The latest vacancy rate data from MG&E shows apartment availability is very tight. 

2016 Prediction for Madison Apartments

Prediction #2: Madison apartment rents will rise. 

A shortage of available rentals means rents will rise in 2016. And rising rents will force some apartment dwellers to choose home ownership over

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Our short slideshow below provides a concise overview of the latest trends in the Madison, Wisconsin condo market. Our inventory data is up-to-date as of October 17th. All other data is up-to-date through the month of September. Here's a quick narrative on the latest trends in our local condo market. 

Madison Condo Trends - 9/2015

  • Inventory remains very low - 2.2 months of supply and less - for condos priced below $250,000. The market dynamics at the lower price points generally favor sellers over buyers. At higher price points the months of supply are much higher. However, there is more than meets the eye with the inventory data. We'll dig deeper into the inventory data in a future blog post. 
  • New condo listings are entering the market at a
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The video below provides a very quick update on the latest trends for single family homes in Madison, Wisconsin. This update covers the month of September. Here's a quick overview of our sellers' market. 

Madison Single Family Home Market Trends - 9/2015

  • Madison home sales set a 10 year high in the month of September. 
  • Accepted offers reached an all-time high. As a result we expect a high number of closings in both October and November. 
  • Inventory is low, especially for homes priced under $350,000. 
  • Expired listings are trending along historically low levels. 
  • Days on market are also trending along historically low levels. 
  • Home prices are on the rise. 

 

Dane County Real Estate in the News

This MLS real estate 

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The market for single family homes in Verona certainly favors sellers over buyers. On the surface this doesn't appear to be the case when you look at the number of homes sold in July. After all, there were only 23 homes sold in July, compared to 37 in July of 2014 and 28 in July of 2013. What these numbers don't show is that the supply of MLS listings is historically low. Although the demand for Verona real estate is very strong, a dearth of inventory is putting a cap on sales and driving prices higher. 

 

The graph below shows how the July average Verona home price has been trending over time. Excluding the outlier month of July 2006 (when a few luxury sales drove the average price higher), July home prices reached an all-time high in 2015. 

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