Here's our latest insight into the Madison area condo market, starting out with a look at the latest price trends.
Dane County condo prices
On a year-over-year basis:
- The price per square foot increased from $206 to $222 (8 percent).
- The median price increased from $281,000 to $301,000 (7 percent).
- The average price increased from $316,368 to $345,510 (9 percent).
On a year-to-date basis:
- The price per square foot increased from $202 to $215 (6 percent).
- The median price increased from $267,860 to $300,000 (12 percent).
- The average price increased from $299,777 to $333,552 (11 percent).
New condo listings
New condominium listings continued to enter the market at a slow pace. Only 112 condos were listed for sale on the MLS last month, which was the lowest total for any month of September in the last 22 years.
Dane County condo inventory
The number of active condo listings (those without an accepted offer) remains low. As of October 8th, only 125 condos were available across all of Dane County. This is the equivalent of just 1.1 months of supply.
Accepted offers
With fewer condos entering the market and interest rates trending higher, it's no surprise that contract signings are trending lower.
Competing offers
And yet, competition for Dane County condos remains very high, and well above pre-pandemic levels.
Days on market
The average days on market in September was only 17 days, which was the lowest ever recorded for the month.
Dane County condo sales
Condo sales, due to a lack of supply, continue to trend along at subdued levels.
Where will the Madison area condo market go from here?
It's true, higher mortgage rates are creating some uneasiness in the market right now. Nonetheless we anticipate strong demand and steady price growth for the foreseeable future. Dane County continues to be a popular destination for work and retirement. At the same time, there's very little condominium inventory in the new construction pipeline.
Do you have questions about how the market impacts you and your real estate goals? Reach out to us anytime for a helpful conversation. We're here to help, and never with any sales pressure or spin.
