Single family home listings are entering the market at the slowest pace on record, and are down by 26% through the first 4 months of the year. 

While condo listings are down by 23% through the first four months.

Low listing activity is one of the big reasons why Madison area home and condo prices continue to move higher in 2023, and why we expect prices to continue to rise for the foreseeable future. 

How does the market impact you and your real estate goals? You can always reach out to our realtor team for a helpful conversation. We'd love to help. 

Now that most of the transactions are in the books for the month of April, it's time for a quick look at Madison area home and condo prices. 

Dane County homes

• The median price in April increased to $450,000, up 7% from the year before. 
• The average price increased to $511,806, which was up 10%. 

Dane County condos

• The median price increased to $301,500, up 10% from last April. 
• The average price increased to $338,991, which was up 7%. 

Why do Dane County home and condo prices keep rising? Here are 9 reasons why prices continue to rise and why we expect prices to keep moving higher for the foreseeable future. Of course, we're always available to chat about the market and how the market impacts you and your goals. You know

Here's our latest unbiased view of the Dane County condominium market, updated for the month of March, 2023. 

Competing offers

The competition for condos in early 2023 is at an all-time high. Based on our preliminary data for the month of February, 49% of all contract signings involved multiple offers. This is a very high percentage for this time of year, and a clear sign that prices will be strong in the months ahead. There is still plenty of pent-up demand for condos in Dane County.  

New condo listings

Madison area condos continue to enter the market at a slow pace. March condo listings decreased 28% year-over-year and were lower by 24% year-to-date.

Condo inventory

Condo supply is running at an all-time low, with only .6

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

Available listings are up year-over-year, which is a result of fewer people buying in 2023. It's important to note that inventory is still very low from an historical perspective, and we're expecting supply to remain low and prices to remain strong for the foreseeable future. Right now there are only .8 months of inventory available in all of Dane County.

And here's the trend for condominiums:

There are actually fewer available condos for sale right now than there were a year. One of the big reasons for low condo supply is that very few new construction condos have been built over the last 15 years. Right now, we have only .6 months of condo supply available across the whole

Here's our latest update for the Madison area single family home market, covering the month of March, 2023. 

Competing offers

Our preliminary data for the month of February shows that 48% of the homes that went under contract in February received multiple offers. This is a very high percentage for this time of year -- just below last February's record of 50% -- and points to more rising prices in the months ahead. These high numbers show that we still have a large pent-up demand for real estate here in Dane County. 

New MLS listings

One of the reasons competition is so high, is because the number of new listings entering the market is so low. Right now, new MLS listings are entering the market at the slowest pace on record.

Dane

We'll be publishing our Dane County single family home report real soon. In the meantime, here's our latest look at home prices in the Madison area. 

Price per square foot, average price, and median price

Madison area home prices continued to rise in the month of March, and by all measures. The price per square foot rose to $217, up 4% from the year before. The average price rose to $482,939 (up 10%). And the median price rose to $426,500 (up 8%).

Prices by price range

This chart shows Dane County home prices by percentile, from the 10th percentile all the way up to the 90th. As the graph shows, March home prices are up at every point along the price spectrum -- at the low end, at the mid-range, and at the high-end, too.

The

We recently reported in our February real estate update that home-building activity in Dane County is down by roughly 40% from the peak construction years in the early 2000's.

BUT, what we didn't cover in our report is that the value of the average new construction home continues to move higher. In fact, for the first time ever, the average new construction home value is now over $500,000. This is according to a recent report by Dominic Collar from MTD Marketing Services, based on his historical review of building permits here in Dane County. Note, these numbers for January and February are based on relatively small sample sizes and will fluctuate throughout the year. 

The trend toward higher new construction home values is one more reason why

As of right now there are only 367 homes for sale across all of Dane County, and only 83 condos. At the same time, Epic Systems just announced that it's getting ready to hire 1,700 new employees. This is just one more reason why we anticipate strong prices in the year ahead, despite the recent news and uncertainty about the larger economy. 

Do you have questions about the market in your neighborhood or your condo association? We're always available to share our insights and observations, and answer all of your questions. 

Dane County condo prices continued to rise in February, as buyers continued to compete for a limited supply of condominiums. Here's our latest condominium update, covering all of the latest trends in Dane County -- updated for the month of February, 2023. 

Dane County condo prices

The price per square foot increased by 7 percent year-over-year, while the median and the average price increased by 24 percent and 23 percent, respectively. Keep in mind these numbers are based on a relatively small number of sales in the month of February. We fully expect the median and the average prices to moderate as we accumulate more sales data this spring. 

New MLS condominium listings

Only 96 condo listings entered the market in February, which was the

Dane County home prices continue to move higher in early 2023, but by smaller margins compared to the large increases in 2022 and 2021. Here's our comprehensive report on the Dane County single family home market -- updated for the month of February, 2023. 

Dane County home prices

The price per square foot increased 3% year-over-year. The average price and the median price were up 2% and 5%, respectively. 

New MLS listings

A lack of fresh housing supply continues to support high prices here in the Madison area. MLS listings decreased 23% from last February and were the lowest on record for the month. 

Dane County housing starts

New construction also continues at a relatively subdued pace. Current construction levels are well