It's been a crazy year to the say the least. A global pandemic. Political chaos. And economic uncertainty. Despite all of the chaos, the competition for Madison area real estate is at an all-time high in 2020. According to our latest review of MLS data, 34% of all Dane County home listings received multiple offers through the month of June. This is up from the previous high of 33% in 2018, and up from 26% in 2016, when we first started tracking this statistic. 

How competitive is the market by price range? 

Here's how the numbers shake out:

The very high number of competing offers this year shows there's a lot of pent-up demand for real estate in the Madison area. A lot of buyers are writing offers this year, and a lot of those buyers

The month of July is almost in the books, and our latest market snapshot shows Madison area home and condo prices keep on rising. As of July 26th, Dane County home prices were up 6% year-over-year and condo prices were up 3%. 

How much is your home worth right now?

We can help you understand your home or condo's current market value and recommend a few simple cosmetic updates that buyers will love, too. Just reach out to your preferred Mad City Dream Homes agent to schedule a short consultation. We'll help you prepare for a successful sale and eliminate much of the stress that so many sellers are experiencing in this year's COVID-19 market. 

For more information on local real estate prices, here's our July 26th snapshot

Madison area home

Dane County condo buyers were very active in the month of June as local condo prices continued to rise. Here's our latest snapshot of the Madison area condo market:

Accepted offers were up big-time in the month of June.

A total of 205 condo contracts were written in June, which was up 23% from last year. On a year-to-date basis, accepted offers are down by 1% from the first 6 months of 2019. 

This chart shows accepted offers by week. As the graph shows, new contracts decreased significantly in April, and then started trending higher in May and June. 

Condo prices rose once again in June. 

The June price per square foot was the highest on record. 

Condo sales increased by 8% in June. 

Madison area condo sales were lower by

June was another strong month for real estate in the Madison, Wisconsin area. Here's our quick summary of how the Dane County single family home market performed last month. 

Madison area home prices increased 4% year-over-year and 5% year-to-date. 

The price per square foot reached a new high in the month of June. 

New MLS listings were lower by 14% during the month and 14% year-to-date. 

A lack of fresh supply is benefiting home sellers in 2020. June listings were at their lowest level since 2011. 

This graph shows new listing activity by week for the first 6 months of the year. MLS listings have been trending lower since the end of March. 

Despite low inventory, buyers were very active in the month of June. 

The number

The Madison area condo market continues to be a great market for sellers as we head into the summer sales season. Here's our newest update on the Dane County condo market with all of the latest trends updated through the month of May. 

Madison area condo prices are at all-time highs.

The condo price per square foot jumped to $160 in May, which was up 4% from last year. 

Condos are selling quickly.

The average days on market in May was just 36 days, which was a record low for the Dane County condo market. 

New condo listings continue to enter the market at a slow pace.

Dane County condo listings decreased by 37% in April and 19% in May. 

A high percentage of the listings are under contract and closing soon. 

As of June

Even though there's so much turbulence in the world around us, many Madison area home sellers are experiencing a tremendous amount of success in this year's low inventory market. Here's our quick snapshot of the Dane County single family home market - updated through May, 2020.

Madison area home prices are at record highs.

The May price per square foot increased by 4% year-over-year and 5% year-to-date.

Marketing times are near historic lows.

The average of 28 days on market was the second lowest on record for the month of May.

New MLS listings are entering the market at a slow pace. 

New listings were down 33% in May and were lower by 15% year-to-date.

Months of supply are low.

Inventory is low, and especially so for

Here's a quick look at the Madison area real estate market for the month of May. This preliminary market info is based on our snapshot taken on May 26th. We'll report on the full month of May once all of the final numbers are available in the month of June. As you can see from the updates below, inventory is much lower this year, and as a result many homes are selling very quickly and for high prices. 

New MLS listings continue to enter the market at a slow pace. 

New single family home listings have been trending much lower since the end of March. Low supply has created a very competitive market for buyers this spring. 

Properties priced under $350,000 are very hot. 

As of May 26th, well over 50% of the single family homes priced under

Our latest condo report shows why it's still a very strong sellers' market in many price points and locations throughout Dane County. Buyers and sellers who take the time to understand these trends and consult with a professional will be well-equipped to make good decisions in the year ahead. 

Madison area condo market trends for April and early May, 2020

Here are the latest Dane County condo market trends, with new information from the months of April and May.

Some condo owners are postponing their plans to sell. 

As you can see from the graph below, April condo listings decreased by 37% year-over-year. Fewer listings means fewer condos will be sold in the months ahead. At the same time we expect the condo market to remain very

We're two months into the COVID-19 pandemic now, and we have some important trends we'd like to share with anyone who's thinking of buying or selling in the Madison area. Buyers and sellers who understand these trends will be in a position to make smart decisions and make the most of this year's unique market. 

Dane County single family home trends for April and early May, 2020

Here are the latest trends in the single family home market, with fresh data from the months of April and May. 

Fewer owners are listing their home for sale. 

Single family home listings were in short supply before the pandemic began, and we expect this to be the trend for the foreseeable future. As you can see from the graph below, many home owners postponed their

Buyer activity dropped in March due to the pandemic announcement and Wisconsin's Safer at Home order. However, in the last couple of weeks we've had more buyers reaching out to us and asking us for help. 

At the same time we've noticed some interesting trends with our website traffic, which we like to track because it provides some insight into how engaged buyers are with the market. As you can see from the graph below, traffic dropped dramatically in the middle of March...BUT, it has been slowly climbing these last few weeks and is now much higher than it was the year before. 

Buyer interest is strong right now.

Even though there will be fewer homes bought and sold this year, there are still plenty of buyers out there who are waiting for the