Here's the latest scoop on the Dane County Condo market - hot off the presses.
Inventory
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 listings
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
Accepted offers were down 2% from April of 2018 and 12% year-to-date.
Sold listings
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.
