Last year was a roller coaster ride, for sure. But in 2023, rates have fallen more than a full percentage point below the 2022 peak. In fact, as of this writing, a 30 year fixed rate mortgage from UW Credit Union is now available for as low as 5.75%

How much home can you buy in 2023?

Reach out to our realtor team if you're curious about your purchasing power in today's market. We'll connect you with a reputable, local lender who will help you make sense of your current financial position -- and pre-approve you for your mortgage, too. A lender who will give you all the time you need on the phone, and if you wish, even meet with you in person. Now there's a novel concept :)

You have a few dozen 55 plus communities to choose from in the Madison area, but in a low inventory market like ours, the number of listings available at any given point in time is relatively small.

So, if you're in search of a 55+ condo, our advice to you is don't confine your search to a 55 plus community. Instead, try expanding your search by focusing on the condominiums that will help you live the lifestyle you're seeking. When you adopt this approach, you'll discover you have many more condos to choose from. 

Two helpful resources

Two great resources are our Madison and Suburban Madison condo guides. Our guides offer an excellent introduction to hundreds of condominium associations in the Dane County area, and can help you identify the

How did the stock market perform compared to the Dane County real estate market in 2022? This chart says it all. 

And where will the market go from here?

Based on what we see in the market right now, we do believe 2023 will prove to be another year of strong real estate prices here in Dane County. For more information, we invite you to check out our 2023 predictions, where we cover many of the current trends in the Madison area. Or talk to your preferred Mad City Dream Homes realtor. We're always available to talk about your future, and the future of real estate, too. 

These last few weeks we've heard from dozens of friends who are eager to write their next chapter through the gift of real estate. 

Here are just a few of our clients who are working on their dreams right now:

• Our friend, Jennifer, who is excited to make the jump from apartment-living to homeownership. 
• Emily and Eric, who are ready to become first-time homeowners and build wealth through real estate. 
• Mark and Myah, who are excited to lay down their roots and start their family. 
• Simona and Dylan, who are eager to buy their first home for Little Baby Mila. 
• John and Elizabeth, who are excited to move up to a larger home for their growing family. 
• Tom and Lisa, who are scheming to relocate to Madison and be close to loved

More condos. 

Imagine a new wave of modern condominiums that are thoughtfully planned and constructed in environmentally sustainable ways that enhance the character of the downtown area. Condos that open up the pedestrian-friendly and bike-friendly lifestyle to a whole new population of people. Where walking to the park, biking around the lake, walking to the Farmers Market, and walking to a locally-owned coffee shop or restaurant are all a part of daily living. 

Now imagine what more condos would do for our tax base and the small business owners in the area. And how a new wave of condominiums would relieve some of the intense pressure on our local housing market and slow the pace of sprawl. 

My wish isn't confined to Downtown Madison. Other

How is the Madison condo market performing? Our newest Dane County condo report offers an objective look at all of the latest trends, including prices, sales, accepted offers, days on market, and more.

Madison area condo prices

The median price for a Dane County condo increased by 14 percent in December while the price per square foot increased by 4 percent. (Note: monthly prices can fluctuate due to the relatively small numbers of condos being sold each month. So, we focus more on the trend over time, instead of the price statistics for any individual month).

Why do Dane County condominium prices continue to rise? One big reason is fewer condos are being listed for sale in the Madison area, which we cover in the next section below.

New

Here's our latest update on the Madison area real estate market -- and without any of the spin. Do you have questions about how the market impacts you and your real estate goals? Contact our realtor team for a helpful conversation. 

Madison area home prices

The price per square foot increased from $197 in December of 2021 to $216 in December of 2022. That's an increase of 10 percent year-over-year.

Why do prices continue to rise in Madison and Dane County? One key reason is fewer homes are being listed for sale, which we cover in the next section below. 

New MLS listings

Only 133 Dane County single family homes were listed for sale in the month of December, a decrease of 30% from last December, and the lowest total on record for the

Sometimes changing careers can end up changing your life, too. That's been the experience for many of us on our team. For example, Shelley Lazzareschi worked in the hospitality industry before she became a realtor. Ann Raschein and Chris Venden worked in human resources. And Alan Feder worked in outdoor recreation.

So many positive changes have followed our transitions to real estate.

One positive change is that real estate has given all of us the opportunity to work with and impact people on a personal level. We've met many new friends over the years, as we've helped each client navigate an important time of life. 

Another positive change is that real estate has allowed each of us to shape our careers around our values. We're fortunate

According to Altos Research, inventory across the country is up 67% year-over-year. However, that's not the case locally. 

Here's how Dane County single family home inventory is trending:

Available listings are up by 53% compared to the same day in 2022. Although more options are becoming available in the Madison area, it's important to note that inventory is still low from an historical perspective, and we're expecting supply to remain low and prices to remain strong for the foreseeable future.  

And here's the trend for condominiums:

There are actually fewer available condos for sale right now than there were on the same day last year. One of the reasons for lower condo supply is that very few new construction condos are entering the

Congratulations to our clients Roger and Jennifer, who just sold their longtime home and bought their new dream home all on the same day!

So much collaboration and teamwork went into making this move possible.

• Debbie Lea and Shelley Lazzareschi took the lead on the staging plan and made sure Roger and Jennifer's home looked its very best. 
• Grant Priehs addressed a few minor repairs and light cosmetic updates. 
• Hellenbrand Painting touched up a few spaces inside the home. 
• Arran Krantz produced the beautiful listing photos, interior video, and neighborhood video. 
• Tracy Kapela produced the floor plan, neighborhood guide, and guide to Roger and Jennifer's home. 
• Dan Miller oversaw the sales strategy, marketing plan, and all of