Madison Real Estate Market Tightens

Monthly Market Update:  Housing Statistics for Dane County for February 2018

February marked two all-time records broken since the South Central Wisconsin Multiple Listing Service starting keeping these records:  the number of sales for the first two months of the year is the highest (745) and the active inventory at the end of February is the lowest ever (768).  This has resulted quite understandably in a 7.8% increase in the 12-month median price in Dane County to $265,000.

Summary of the data for February 2018:

  • Number of sales of single family homes: 365 (363 in 2017)
  • Number of new listings: 682 (688 in 2017)
  • Total listings available end of January: 768 (989 in 2017)
  • Number of months inventory available: 13 mos. (1.47 in 2017, 2.10 in 2016)
  • Interest rates up to approximately 4.33%
  • Median price of single family homes and condos: $269,900 ($250,000 in February 2017)

Breakdown of sales data by Madison Metro Neighborhoods:

Madison Area 2018 Sales Currently

As of 2/22/2018

Available/Under Contract

 January February
Isthmus

(W01, E01)

27/17 #sold

Avg. price

Median price

10

$442,030

$357,650

15

$618,897

$414,255

Near east

(E02, E05, E09)

14/15 #sold

Avg. price

Median price

10

$302,611

$294,750

7

$335,641

$375,000

East

(E10, E11, E12, E13)

30/52 #sold

Avg. price

Median price

41

$257,682

$248,250

41

$237,672

$220,000

Monona

(E14, E15)

8/6 #sold

Avg. price

Median price

5

$487,480

$377,400

7

$292,128

$285,000

Northeast

(E03,E04,E06,E07,E08)

18/60 #sold

Avg. price

Median price

29

$221,103

$199,900

34

$204,590

$202,250

South

(W15,W16,W17,W18,E16)

11/8 #sold

Avg. price

Median price

12

$175,445

$164,975

8

$252,000

$218,500

Fitchburg

(W19)

69/61 #sold

Avg. price

Median price

17

$341,493

$312,000

19

$352,113

$295,000

Near west

(W11,W12,W13,W14,W02)

22/38 #sold

Avg. price

Median price

24

$305,208

$297,625

18

$394,069

$315,000

West

(W03,W05,W06,W07)

46/45 #sold

Avg. price

Median price

32

$318,756

$283,710

39

$330,760

$332,000

Southwest

(W08, W09, W10)

84/59 #sold

Avg. price

Median price

45

$277,059

$260,000

43

$270,488

$245,000

Middleton

(W04)

33/27 #sold

Avg. price

Median price

16

$305,029

$303,500

13

$386,769

$420,000

Next Up:

Beyond Salesmanship:  A Teaser

Last time I promised I would begin a series of articles discussing the important role your agent should play in your real estate transactions, highlighting the many valuable services available before, during and after closing a deal.  Responding to some of the feedback I have received, I decided to start alternating posts every two weeks, with the first blog being the market update and the second being a feature article.  So just as a teaser for my next post in two weeks, I’ll say you should rightly expect your agent to go way beyond salesmanship.  If you can’t pick their brain on a variety of topics like scouting areas for promising trends, providing information on attractions and accommodations, offering analysis of home values, giving advice on pros and cons of remodeling and resulting values, and sharing recommendations for contractors, lenders, inspectors and others.