Tagged : madison real estate

Found 658 blog entries tagged as "madison real estate".

Recently a client asked us for our opinion on a westside home that was available for sale. Our client was considering submitting an offer, and they wanted us to weigh in before writing. 

Our take was no, they shouldn't write. We were concerned about the resale value of this particular home and the potential for costly repairs in the future. And so we continued our search. 

The good news is we found a much better home for our clients just a few days later. Fortunately their offer for this home was accepted, and move in day will be happening real soon. 

This is a good reminder that sometimes saying no to one opportunity can open the door to a better one down the line. And knowing when to say no and when to move forward becomes easier when you have

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We're beginning to see signs that more people may end up choosing to sell this year, based on our latest review of the Dane County real estate market. As the chart below shows, listings for existing single family homes are up noticeably during the first two months of the year, which is encouraging news for buyers. 

Madison WI Existing Home Listings by Month

If you're someone who is aspiring to buy a home in 2024, this is a great reason for you to stay focused and committed to your search. You just never know when the right opportunity will present itself, and when a little good fortune will come your way. 

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Local home prices continued to move higher in the month of February. Here's our latest update on the Dane County single family home market.  

Dane County home prices 

Madison WI home prices Feb 2024

Home prices in the month of February:

  • The price per square foot increased from $216 to $242 (12 percent).
  • The average price increased from $449,298 to $494,752 (10 percent). 
  • The median price increased from $420,000 to $452,678 (8 percent).

 

New listings

New listings rose for the fourth straight month (an encouraging trend), but still remained well below what our market is demanding. A total of of 459 single family homes were listed for sale on the MLS in the month of February, which was the third lowest total for any month of February this century. 

Madison WI MLS Listings Feb 2024

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We'd like to pass along that we continue to receive excellent feedback from our clients about Gorilla Movers, Above Average Moving, and A1 Movers. They're easy to schedule and easy to work with -- and their crews take care of your precious cargo. 

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Madison area condo prices rose from $202 per square foot in February of 2023 to $235 in February of 2024. That's a 16 percent year-over-year increase. Note these numbers are based on a low number of sales in the month of February. We'll gain a clearer picture of price growth as we accumulate more data throughout the year. 

Dane County condo prices

Madison Condo Prices Feb 2024

New condo listings

A total of 153 Dane County condominiums were listed for sale in February, compared to 100 the year before. Listing activity remains light, but this is a step in the right direction. 

Madison WI Condo Listings Feb 2024

Active condominium listings

"Active" or "available" listings are those that don't have an accepted offer. Although Madison area condo inventory remains tight (with only one month of supply),

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Just a quick reminder that we have hundreds of neighborhood and condo association guides for you to peruse and use.

So if you're in the mode of researching neighborhoods, our Madison and Dane County neighborhood guides are excellent resources for you. And if you're curious about condos, our city and suburban condominium guides offer a great introduction to hundreds of local associations.

If you'd like us to create a guide for your neighborhood or condo association, just let us know. We'd be happy to do this for you. 

Real Estate Guides

Browse Community Guides Here
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We continue to see encouraging signs in the trends for new MLS listings: 

For the 4th straight month, Dane County single family home listings increased year-over-year. 

Madison WI New MLS Listings Feb 2024

While condo listings increased significantly in the month of February. 

Madison WI New Condo Listings Feb 2024

It's true, the supply of new listings remains low by historical standards, and the market remains very competitive for buyers. But if these trends do keep up, buyers will find more opportunities to purchase in the months ahead. 

Stay tuned for our full reports on the February real estate market, which we'll be releasing real soon. For more recent market updates, check out our market blog. 

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Last fall we met with our clients in Verona to discuss selling their "retreat in the woods" this spring. As we made our plans, we decided to shoot the exterior and aerial photos during the autumn season while the weather was favorable and the trees were still full of leaves. 

This turned out to be a great decision. 

The fall photos were a big reason why this listing attracted dozens of showings and 9 tremendous offers. And they’re a great example of why it pays to be proactive and meet with your realtor well before you need to sell. 

Planning for a successful sale

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Some people believe that you don't need to hire a professional in this market, that a house can basically sell itself. To a certain extent, this is true. You can place a sign in your yard, or you can sign up with a limited service broker, and your house can sell.  

But at what cost to you? Our feedback and research suggest that hiring a professional will bring more buyers to your sale, buyers who write cleaner offers and for higher prices. 

The good news for you is that it is a free market. You have a multitude of agents and models to choose from, and you get to choose the agent and the model that you feel are the best fit for you.

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Our review of the MLS home and condo database shows the average Dane County listing sold for .2 percent above the original list price in 2023, while our clients sold for 2.1 percent above the original list.

Mad City Dream Homes Sold to List Price  

Put another way, for the typical $450,000 listing, our sellers net more than $8,500 more toward their bottom line. This is more clear evidence that hiring a professional matters. How your agent prices, stages, markets and negotiates -- all of it matters. Contact us for more info. 

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