Here's the latest scoop on the Dane County Condo market - hot off the presses.
As of May 20th, there are only 1.4 months of condo supply across all price categories, with 47% of all Dane County condo listings under contract. The under $250,000 market is extremely hot.
New MLS listings continued to enter the market at a slow pace in April. Listings decreased by 11% from April of 2018 and 14% year-to-date.
Accepted offers were down 2% from April of 2018 and 12% year-to-date.
Dane County condo sales decreased by 14% in April and 8% year-to-date.
Condo price per square foot
The price per square foot increased by 9% in April and 1% year-to-date.
Average condo price
In April, the average Dane County condo price was up by 12% from last April and even with 2018 on a year-to-date basis.
Days on market
The average days on market dipped to a new low in April and reached a record low on a year-to-date basis, too.
Putting it all together
Even though sales are lower in 2019, prices remain strong due to a general shortage of condos in Dane County. Condos priced under $250,000 are in high demand from buyers of all ages. Buyers have more selection in higher price points, however, which makes 2019 a good market for buyers who are either "down-sizing" or "up-sizing" into a higher-end condo.
Of course, every situation is unique. Get in touch with one of our full-time real estate agents to discuss your condo buying and selling goals. We'll help you make sense of your market and move forward with confidence in 2019.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred