Not long ago this question would have seemed ludicrous. Just a few years ago, a large number of Madison condo developments were holding onto a very large number of unsold units. Demand was low. Many consumers were wary of buying into the condo market and were opting to rent instead. In some areas, such as in Downtown Madison, there were over two years of supply sitting on the open market along with a large amount of shadow inventory lurking behind the scenes. And so condo prices fell, and they kept falling, until they bottomed out in 2012.
That's when we began to see big changes in the condo market. Suddenly for many consumers it was cheaper to buy than it was to rent. Condo purchase activity picked up considerably in 2012 and then moved much higher in
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