Home and condo prices surged once again in the month of March. Here's our quick snapshot of the latest real estate trends in Dane County. 

Single family homes

• As of April 6th, 65% of all Dane County single family home listings are under contract with an accepted offer and only .5 months of supply are available for sale. Both of these numbers are off the charts for our market. 
• New listings decreased 15% in March from the previous March. 
• Accepted offers decreased by 4%. 
• Home prices increased by 9% year-over-year. 

Condos

• As of April 6th, 69% of all Madison area condo listings are under contract with an accepted offer and only .6 months of supply are available for sale. 
• New listings in March were even with the new

At Mad City Dream Homes, we're always sharing our knowledge and learning from each other. One of the ways we accomplish this is through our weekly meetings where we share our "learning moments" from the week before. Our learning moments offer a way for all of us to share our challenges and successes with each other so we're always enhancing our collective knowledge and furthering our professional development. 

Each week is full of new learning opportunities 

Our team meetings are resulting in some incredibly productive conversations that help all of us better serve our clients. For example, in one recent meeting Shelley Lazzareschi shared how she successfully negotiated a $7,000 credit for her buyer after a last-minute surprise popped up at the

Wonderful things happen when preparation and opportunity meet, which is certainly true for our home-selling clients who are focusing on the fundamentals during this year's favorable market. Here are three quick examples that show how our clients are experiencing some amazing results in early 2021. All three of these examples show how skilled staging, pricing, marketing, and negotiation always lead to the best results.

6 Shiloh Ct

Sold for $60,000 above the list. 

2205 Town Hall Rd

Sold for $25,000 above the list. 

805 Swallowtail Drive

Sold for $15,000 above the list. 

Skilled marketing, multiple offers, and effective negotiation

For each of these listings we worked closely with our clients to create a beautiful listing

When it comes to hiring the right realtor, it can be very beneficial to reflect on a few good questions before choosing your agent. By asking the right questions upfront, you can feel confident that you've chosen the right agent to guide you along your buying or selling journey. With this spirit in mind, here are 4 key questions buyers and sellers should be asking before partnering with a realtor in this year's complex market. 

Four key realtor interview questions in 2021

1) As a seller, how should I price and market my home in order to take full advantage of this year's market? 

2) As a buyer, how can you help me find my dream home when supply is so low? 

3) What strategies do you recommend for writing an offer to purchase in this year's

Madison area real estate prices are rising at the fastest pace we've ever seen, so your home or condo could be worth much more than you think -- even if you've only owned your property for a year or two. Check out our local price update below, and contact us for a complimentary market analysis. We can tell you how much your home is worth in this year's fast-moving market. 

Dane County home prices

February home prices rose 10% year-over-year and 9% year-to-date. Low inventory and high demand have been fueling price growth at an accelerated pace. 

Dane County condo prices

Condo prices jumped 13% in February and 8% year-to-date. With only .6 months of supply in the market, condo prices are poised to rise significantly throughout all of

Dane County home and condo listings continued to enter the market at a slow pace during the month of February, and a scarcity of listings is contributing to an unprecedented rise in prices (we'll be sharing more info on prices real soon). Here's the scoop on new MLS listings during the month of February. 

Single family home listings decreased 27% last month.

Only 440 new MLS listings entered the market last month, which was the lowest February total since at least the year 2000. 

New condo listings were down 30% in February.

Only 112 new condo listings entered the market in February, which was the third lowest total on record for the month. 

Our clients are accomplishing their dreams and goals in 2021. 

Even though inventory is

Having weathered a year of the COVID pandemic, it's not hard to see the many ways our lives have been affected. For some homebuyers, job changes or furloughs may have decreased the amount of home they can afford. Other potential buyers have shifted to more self-employment work and aren't sure how that affects their financing. Patrick Averill of Thompson Kane has been helping many of our clients secure financing during this unique time. He recently shared a few insights with us about the current lending climate.

Q: How has the lending market changed with COVID? Is it more difficult to secure a loan?

Patrick: Due to COVID, underwriting guidelines have become more strict than they used to be. More up-to-the minute income information is required

At Mad City Dream Homes, we're always in learning mode. One of the ways we’re honing our craft this year is by participating in “market analysis mastermind” sessions. In preparation for each session, each agent performs an independent market analysis for an upcoming listing. Then we meet over Zoom to share our individual price opinions and form a consensus on the best price for the property. 

We're noticing two nice outcomes from our sessions. First, our mastermind sessions are resulting in some great discussion and helping all of us stay sharp in this year’s fast-paced market. Plus, each session allows us to tap into our collective expertise as a way to add value for a home-selling client.  

Are you someone who needs help pricing your home in

We love connecting our friends and clients with trusted businesses. This is just one of the ways we strive to keep serving you day-after-day and year-after-year. So please reach out to us anytime you need a referral to a reputable service provider. We’ll do our best to connect you with a business who’s a good fit for your needs. 

With working by referral in mind, we want to remind you we’re never too busy to serve your friends and family whenever they need real estate help. And as you already know, we'll always give your referrals our best service and advice -- and never with any sales pressure.  

At Mad City Dream Homes, the majority of our clients are repeat and referral customers. This is our sweet spot -- helping and serving others. We

Inventory is tight for single family homes, and it's tight for condos, too. Here's our latest scoop on the Madison area condo scene covering the first 6 weeks of the year. 

Percent of listings with accepted offers and months of supply

Right now 58% of all Dane County condo listings are under contract with an accepted offer, which is a very high number for mid-February. Competition is especially high for condos priced under $350,000. Overall there are only .7 months of condo supply in Dane County. This is the lowest inventory level that our team has ever reported for our market. 

New MLS condo listings

Only 130 new listings entered the Dane County condo market in January. This was the third lowest total on record for the month.