Wondering what's going on in the Dane County condo market? Here's our latest scoop on the Madison area condo market, updated through the month of July, 2022.
Active Dane County condominium listings
As of August 11th, 141 Dane County condo listings were available for sale (without an accepted offer) on the South Central Wisconsin MLS. After almost doubling over the last few months, active listings have actually started to level off and even recede in recent weeks. Why is this happening? Condominium listings continue to enter the market at a slow pace (see the next section below).
New Dane County condo listings
Only 165 new condominium listings entered the market in the month of July, which was a 17% decrease from July of 2021. Listings through the first 7 months of the year are down by 11%, and are entering the market at the slowest pace in 20 years.
Accepted offers
Accepted offers were the lowest for any month of July since July of 2012. Signed contracts were down by 22% last month and by 15% year-to-date. In part due to a low supply of incoming listings. Higher interest rates and lower demand are impacting contract signings, too.
Dane County condo sales
Madison area condo sales (or closings) decreased by 17% in July and by 11% year-to-date.
Dane County condo prices
Condo prices continued to reach new highs in the month of July. Prices were up 17% last month and 9% through the first seven months of the year.
Where will Madison area condo prices go from here?
Although we do expect the rapid growth in condo prices to eventually moderate, we don't expect condo prices to fall. That's because supply still remains very low by historical standards, and listings are currently entering the market at the slowest pace in 20 years.
There are several market dynamics at play which will continue to limit condo supply in the Madison area. This article from earlier this year lays out all of these trends for you.
