Hey there Madison, Mark Gladue, and today I want to talk to you about the market and what's been happening. You've probably heard all sorts of crazy stories on social media, the news, your friends, your family - anybody out there. What I want to do is focus on what's happened February 1st up until now.

After seeing less competition in November 2021, December 2021, and January 2022, we're taking a look at the February 2022 Madison, WI real estate market.

I'm breaking down the market changes into three categories:

• Homes up to $350k,

• Homes from $350k - $700k,

• Homes from $700K+

Homes up to $350k

Since February 1st, there have been 48 sales. 41 of those have been competing offers, and the average percentage above the list price is almost +9%. So that means someone's listing it at a certain price, and on average we're seeing 9% above that list price.

Homes from $350k - $700k

There were 58 that were listed, and 30 of those actually sold in a competitive offer situation. The percentage dives down just a little bit; it's about 6.5% above the list price on average. Now, we've seen as high as 21.2% above the list price, and as low as just 1% above the list price.

Homes from $700k+

Above a million dollars, as you might expect in Madison, there were only two that were listed. What's interesting about that is one of them sold in a competitive offer situatio,n and it went for almost 13% above the list price. Right now, we are looking like 10% might be the average above what you think you might already get.

So how is this useful for sellers and for buyers? Sellers, you need to talk to your agent about the real value of your home in today's market. Buyers, you need to work with your agent to write clean offers with increasing competition on the horizon.

-Mark Gladue