Inventory is tight for single family homes, and it's tight for condos, too. Here's our latest scoop on the Madison area condo scene covering the first 6 weeks of the year.
Percent of listings with accepted offers and months of supply
Right now 58% of all Dane County condo listings are under contract with an accepted offer, which is a very high number for mid-February. Competition is especially high for condos priced under $350,000. Overall there are only .7 months of condo supply in Dane County. This is the lowest inventory level that our team has ever reported for our market.
New MLS condo listings
Only 130 new listings entered the Dane County condo market in January. This was the third lowest total on record for the month.
Condo accepted offers
A record number of Dane County condos went under contract last month. Note, there were more accepted offers in January (142) than there were new listings (130). Condo buyers are gobbling up the new supply as it enters the market -- and then some.
Dane County condo sales
For the first time ever, more than 100 condos sold in the month of January.
Dane County condo prices
The condo price per square foot increased by 4% year-over-year and reached a new high for the month of January.
Days on market
Dane County condos continued to sell at a very fast pace.
In keeping with recent trends, very few condo listings expired without selling in the month of January.
The stakes are higher in a low supply market
If you plan to sell your condo in 2021, it's possible your condo is worth much more than you ever imagined. If you'd like to avoid under-pricing your condo, then reach out to one of our real estate professionals for a market analysis that factors in the strong momentum in this year's market.
If you plan to buy a condo in 2021, it's imperative to have a savvy buyer agent by your side. So many buyers are missing out on their dream home in 2021, because they don't have the advocacy and expertise they need in order to effectively compete. Contact us now to consult with one of our real estate experts.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred