Here's our latest look at the Madison area condo market, without any hyperbole or spin.
Dane County condo prices
The price per square foot increased from $214 in August of 2022 to $217 in August of 2023.
Here's how condo prices are trending through the first 8 months of the year:
the price per square foot is up 6 percent
the median is up 13 percent
and the average is up 12 percent
We fully expect Madison area condo prices to keep rising based on all of the supply and demand trends that we're observing in the market right now.
Also note: Because the number of condos sold each month is relatively small, the monthly prices can experience dramatic swings. That's why it's important to focus on the overall trend and not place too much emphasis on the numbers for any individual month.
New condo listings
Dane County condo listings continued to enter the market at a slow pace in the month of August. Only 127 condos were listed for sale last month, which was the lowest August total since 2002.
Dane County condo inventory
The number of available listings (those without an accepted offer) remains low. Only 124 condominium listings were available for sale on September 14th, which is roughly equal to the number of listings available at the same time last year. Note from the chart below that available listings are typically highest in the late summer and fall seasons. That makes this fall a time of opportunity for those buyers who stay committed to their search.
Our competing offer data shows that there is still plenty of pent up demand in the Madison area condo market. Note from the chart below that the competing offer percentage remains well above pre-pandemic levels.
A lack of supply is leading fewer condos are going under contract. Only 112 Dane County condos went under contract in August, which was the lowest August total since the Great Recession.
Likewise, August sales (or closings) registered their lowest total in 12 years.
Days on market
And Dane County condominiums continued to sell at a brisk pace.
What lies ahead for the Madison area condo market?
We're expecting low supply and high prices due to a scarcity of new construction condos, and an abundance of people moving to the Madison area. Stay tuned for our ongoing updates, as we continue to report on the market each month.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred