Dane County condo report for January and February of 2021

Posted by Dan Miller, REALTOR on Friday, February 19th, 2021 at 8:08am.

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. 

Madison Condo Listings with Accepted Offers Feb 13 2021

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. 

Madison WI New MLS Condo Listings Jan 2021

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.  

Madison WI condo accepted offers Jan 2021 

Dane County condo sales

For the first time ever, more than 100 condos sold in the month of January. 

Madison WI Condo Sales January 2021

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. 

Madison WI Condo Prices January 2021 

Days on market

Dane County condos continued to sell at a very fast pace. 

Madison WI Condo days on market January 2021

Expired listings

In keeping with recent trends, very few condo listings expired without selling in the month of January. 

Madison WI Expired Condo Listings Jan 2021 

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
1619 Monroe Street #1, Madison, WI, 53711

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