Dane County condo buyers were very active in the month of June as local condo prices continued to rise. Here's our latest snapshot of the Madison area condo market:
Accepted offers were up big-time in the month of June.
A total of 205 condo contracts were written in June, which was up 23% from last year. On a year-to-date basis, accepted offers are down by 1% from the first 6 months of 2019.
This chart shows accepted offers by week. As the graph shows, new contracts decreased significantly in April, and then started trending higher in May and June.
Condo prices rose once again in June.
The June price per square foot was the highest on record.
Condo sales increased by 8% in June.
Madison area condo sales were lower by 6% year-to-date.
New MLS listings continued to enter the market at a slow pace.
Listings are down 6% year-to-date.
This chart shows new condo listing activity by week during the first 6 months of the year. Listing activity was relatively strong during the first 3 months of the year, but has been relatively weak ever since.
Condo inventory is low and a large percentage of listings are under contract.
As of July 7th, only 1.6 months of inventory are available for sale, with 49% of all listings under contract and scheduled to close soon. These numbers are indicative of a high demand/low supply market. Right now the under $250,000 market is especially competitive. A majority of the listings priced under $250k are under contract.
Condos continued to sell quickly in June.
The average days on market was 40 in the month of June, which was one of the lowest on record.
Our predictions for the next 6 months of 2020
We expect demand to be strong as interest rates continue to trend along historically low levels. Inventory will remain low, so the market should continue to be favorable for sellers.
Do you have questions about how to achieve your buying and selling goals in 2020? Please reach out to your preferred Mad City Dream Homes realtor. We'll help you make sense of your market and help you start moving in a positive direction.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred