Dane County condo prices rose again in June, spurred by low supply and strong demand. Here's our latest update on the Madison area condominium market. 

June condo prices

• The price per square foot rose from $218 in June of 2023 to $235 in June of 2024, an increase of 8 percent. 
• The average price rose from $342,102 to $361,592, an increase of 6 percent. 
• The median price jumped from $314,760 to $325,000, an increase of 3 percent. 

Year-to-date prices

• The price per square foot grew from $211 during the first 6 months of 2023 to $227 during the first 6 months of 2024, an increase of 8 percent. 
• The average price grew from $327,847 to $336,777, an increase of 3 percent. 
• The median price grew from $295,000 to

Dane County home prices continued to rise in the month of June, fueled by low inventory and strong buyer competition. Here's our latest update on the Madison area single family home market. 

June home prices

• The price per square foot rose from $231 in June of 2023 to $239 in June of 2024, an increase of 4 percent. 
• The average price rose from $519,271 to $543,943, an increase of 5 percent. 
• The median price jumped from $445,000 to $490,000, an increase of 10 percent. 

Year-to-date prices

• The price per square foot rose from $224 during the first 6 months of 2023 to $238 during the first 6 months of 2024, an increase of 6 percent. 
• The average price rose from $499,744 to $528,949, an increase of 6 percent. 
• The median

Unexpected water issues can be stressful for homeowners and can potentially lead to a canceled sale. This was the problem our client faced, when she realized she had a water issue shortly after she accepted an offer for her home. 

Our client was concerned, and her buyers were concerned, too. The fix wouldn't be an easy one. It required the work of a skilled contractor, and most of the good contractors already had full schedules. 

So Mad City Dream Homes hit the phones and reached out to every reputable contractor we could think of. We called 15 contractors in all. In the end, we found a contractor who had the expertise to tackle the project, and who could complete the work on a timeline and a budget that were acceptable to both parties. 

The

We’ve been busy helping our clients troubleshoot repairs in 2024, especially water issues due to this year's heavy rains. But not every repair needs to be addressed prior to sale. 

At Mad City Dream Homes, we’re here to help you determine which repairs are absolutely necessary to address, and which ones are not. We're also here to connect you with reputable contractors who will do a great job for you and for a reasonable price.

Just reach out to your Mad City Dream Homes realtor to get started. It would be our pleasure to serve you. 

Our clients are enjoying a tremendous amount of success this year, even in this low inventory market. Through the first six months of 2024 we've helped our clients through 76 closings and pending sales. 

Do you know someone who could use our help buying or selling in the coming year? We're always available for a helpful consultation, and never with any sales pressure or spin. Contact your Mad City Dream Homes realtor to make an introduction. 

We appreciate your continued trust in our team. 

We've been sharing how Dane County home and condo inventory is quietly rising and how buyers who stay the course will find more opportunities to purchase in the months ahead. However, in the big picture, inventory remains low. Here's a quick look at Dane County home and condo supply as of June 27th, 2024. 

Single family homes 

As of June 27th, a total of 580 Dane County homes (or 1.5 months of supply) are available for sale without an accepted offer. Months of supply are low in all price ranges, especially in the sub $400,000 price categories. 

Condos

As of June 27th, 181 condos (or 1.6 months of supply) are available for sale without an accepted offer. Some newer condo developments are improving options for buyers, but inventory remains

It's getting to the point where we need to question nearly everything we come across online. Adding to the problem is the explosion of AI generated content. Some are predicting that as much as 90% of all online content will be produced by non-humans by the year 2026. As Seth Godin puts it, we're entering a new era of SPAM. 

Our response to the explosion of mass-produced content is to simply stay the course. We'll continue to publish our own articles and market updates, and share our tips and recommendations that come from our own experiences out in the field. 

We're not writers by trade, and our content won't be winning any awards, but we promise you it will always be authentic...

Be careful what you wish for. Your real estate dreams just might come true. Here are a few happy endings from the first half of 2024 that we'd like to share with you. 

Dreams coming true in 2024

Congratulations to Chris & Maddie, who are purchasing their first home as a newly married couple. Chris and Maddie are excited to be be building equity in their new home and to have plenty of space for their pup! 

To Harsh and Madison, who are elated to be starting their family in their new home, and to be living near loved ones. 

To Kasey and Matthew, who recently drove by a home in the country and fell in love with it from the road. Two days later this home hit the market! Kasey and Matthew will be moving into their dream home later this summer. 

The frenzy of the spring home-buying market has come and gone and now we've entered into a market that is a little more relaxed, with a little more inventory, and with a little less competition. Have a look at this chart, which shows the typical, seasonal pattern for competing offers in Dane County. 

The market is always in flux, and competing offers are moderating this summer, as they tend to moderate every summer. As a result we're seeing more buyer and seller negotiations that include the traditional appraisal and home inspection contingencies. 

What questions do you have about the summertime real estate market? We'd love to be a resource for you and answer all of your questions. You know how to reach us. 

Here are 3 big reasons why most sellers choose to offer buyer brokerage compensation: 

#1) Most buyers still pay with a mortgage and need to allocate their cash toward their down payment. 

#2) In today's market, many buyers need a cash cushion so that they can waive the appraisal contingency and cover for a low appraisal. 

#3) And just as important, many buyers need a cash cushion to budget for future home repairs, instead of asking the seller to make inspection-related repairs. 

The bottom line: Buyers with more cash on hand can offer a higher price and write a cleaner offer without an appraisal or inspection contingency. So it's the sellers who offer to pay the buyer brokerage compensation who tend to receive the best offers, and a lot more