The Madison area condo market was very active in December, as condo closings and accepted offers increased big-time to close out the year. Here's our latest market update along with our commentary on what to expect in the year ahead.
Madison area condo sales
Despite low inventory, Dane County condo sales grew to the second-highest total on record for the month of December. Sales increased 29% year-over-year and 14% during the calendar year.
Accepted offers
Local condo buyers were very active last month and almost set a new record for the month of December. Accepted offers increased 28% from the prior December and 14% during all of 2020. We expect strong sales totals in January based on the number of contracts signed in December.
New condo listings
New MLS condo listings increased from last December, but in the big picture, remained low when viewed from an historical perspective.
Percent of listings under contract
As of January 12th, 47% of all Dane County condo listings were under contract with an accepted offer. This is a very high percentage for this time of year, and a clear sign that this year's condo market will be extremely competitive. The under $250,000 condo market is especially competitive right now.
Months of condo inventory
Right now there are only .9 months of supply available for sale in the Dane County condo market. Inventory levels are especially low for condos priced under $250,000.
Days on market
The average days on market for the month of December was only 35 days, which was a new low for the month.
Expired listings
Condo listings continued to expire at a relatively low pace in December.
Price per square foot
Dane County condo prices weighed in at the 3rd highest on record for the month, and ended the year up 3 percent from the year before - setting a new record. We expect condo prices to rise once again and reach new highs in 2021.
The condo market in 2021
2021 will be another year of low supply and rising prices in many price points and locations. Whether you are buying or selling, our team is here to help you make the most of your local condo market and achieve all of your real estate goals. Contact one of our real estate professionals to get started.
