When you think about, these numbers from the Mortgage Bankers Association are pretty shocking. Right now, mortgage purchase applications are running 44 percent below the levels from a year ago and at the slowest pace in 28 years. 

And yet, prices keep rising. How can this be? 

Well, one thing we keep learning, over and over again, is that we have A LOT of pent up demand for real estate in the Madison area. We have no way to measure it, but based on our day-to-day work in the trenches there's no doubt in our minds that we have thousands of residents here in Dane County (and perhaps tens of thousands) who are working very hard right now to buy a home, condo, or income property. 

The other big elephant in the room is that we continue to experience historically low levels of fresh housing supply. And so we have buyers competing and prices moving higher. 

Stay tuned for our February price updates, which we'll be releasing real soon.

In the meantime, we invite you to check out our 2023 Madison area real estate predictions, which provide some good insight into the long-term trends that are shaping our market. And of course you can always reach out to our realtor team for an open and honest conversation. We would love to be a resource for you whenever you need a little insight or need a little help.