Madison WI Real Estate Blog

February 2017 Market Recap

February proved to be a strong month for residential home and condo sales in Dane County. In fact, February 2017 was the highest month for home sales in Dane County since 2007 and 4.4% higher than the same month last year.

The month's median sales price also increased year-over-year, which has happened 18 times in the past 19 months.

The active inventory remains as the story for the market because of a significant lack of inventory. Only 688 new listings were reported in Dane County, which is the lowest number since 2002. Total active listings came in at just 989 and it hasn't been that low since 1997.

Only 1.47 months of active inventory are available to buyers. Usually, a balanced market will show about six months of inventory.

Overall, compared to the start of 2016, the real estate market in Dane County is off to a positive start in 2017.


5 Top Tips For First-Time Home Buyers in Madison

One of the largest and most exciting purchases you will ever make is a home. The first time you go through this process, it can be rather stressful. However, with the right Realtor and a few tips, you can take the stress out of the process and enjoy the excitement.

Here are 5 tips all first-time home buyers should consider.

Consider All The Expenses

Often, first-time home buyers look at how the mortgage payment will compare to their current rental payment. However, owning a home requires maintenance, homeowner's insurance, mortgage insurance and other expenses. The utilities may be different, as well. Take the time to consider how these expenses will change your monthly budget before you start home shopping.

Think About More Than Just Today

Do you plan to grow your family? Is it possible you will have to care for an elderly parent? Could your job have you relocating soon?

There are many things to consider before you purchase a home in Madison, Wisconsin for the first time. If you plan to grow your family, you may want a larger home now, even though you won't need all the bedrooms for a few years.

It's also important to consider the school district, the traffic and the other factors around the home before you start shopping. All of these factors come into play if you end up needing to sell your home, as well.

Get Pre-Approved

It's much easier to submit a winning offer when you've been pre-approved by a lender. You may need to compete with other buyers as the real estate market in Madison starts to heat up and a pre-approval letter will help. In addition, you'll understand what you can actually afford by getting pre-approved.

Save As Much As Possible For A Down Payment

Putting 20%... Names Madison to 'Super Cool' List

Recently, releases a list of 21 cities they consider to be "Super Cool." This list featured two cities tied at #1 and one of those cities was Madison, Wisconsin!

How This List Was Compiled

The list created by Expedia used a point system with the maximum number of points possible 28. The points were based on the following factors:

  • Lyft available
  • Farmers markets
  • All-service restaurants
  • Zagat’s Best Food Cities List from 2016
  • Arts districts or bar/restaurant districts
  • Large amount of population between ages 20-34
  • Less than 2 hours from a big city
  • Score on Sperling's Best Places
  • More than 5 museums/major art galleries
  • Annual festivals
  • AreaVibes livability score

Overall, Madison, WI scored 26 out of 28 points. The city made the second spot, but the score was the same as Austin, TX, which was in the first spot.

What Expedia Had To Say About Madison

Some of the reasons Madison scored so well and was named to the top of the list included the incredible festival season and large number of restaurants. The city has more than eight restaurants per 10,000 capita and offers many fine dining options. With a number of great festivals, such as the Revelry Music and Arts Festival, Madison scored very high in this category, as well.

Expedia also ranked Madison high due to other attractions, such as:

WI57 | The Real Estate News | Josh Lavik | Keller Williams | 03/22/17

In the latest episode of the The Real Estate News, Josh Lavik covers what to expect with the Madison real estate market as it starts to heat up for the spring.

Josh discusses how the marketing efforts for a condo open house created a large amount of foot traffic due to the spring market arriving. He talks about the current seller's market with the low inventory and how this is the time of year many new real estate agents become licensed.

During this episode of The Real Estate News, Josh also goes through some of his current listing and newly listed properties. 

Want to learn more about the local real estate market in Madison and surrounding communities.  Contact our team today.