Here's our snapshot of the latest Dane County condo trends, as well as some guidance for buyers and sellers on how to navigate this year's unique market. If you are planning to buy or sell a condo in 2021, please reach out to us for a helpful conversation. As always, we're never too busy to learn about your goals and share our guidance and advice.
New Dane County condo listings
Excluding last April's numbers -- which were the result of the pandemic shutdown -- new MLS condo listings were at the lowest level since 2002.
Condo supply and percent of listings with accepted offers
As of May 5th, only half a month of condo supply was available for sale in the Madison area -- which is the lowest level we have seen in our market. Overall, 71% of all condo listings are under contract with an accepted offer -- which is the highest percentage we've ever recorded. The condo market is very tight in virtually every price category.
Accepted offers
Last April, accepted offers were limited by the onset of the pandemic. This April, accepted offers were limited by low supply. Note, the number of accepted offers exceeded the number of new listings in April. Right now new listings are going under contract almost as soon as they hit the market.
Dane County condo sales
Despite low supply, condo sales were strong in April.
Dane County condo prices
Madison area condo prices set a new record in April. Prices were up 17% year-over-year and 13% year-to-date.
Advice for condo buyers
If you're serious about buying a condo this year, be sure you hire a buyer agent who has a proven track record in this year's ultra-competitive market. Hire someone you trust, and follow their guidance and advice. Have a sense of urgency, while being patient and persistent. It may take awhile to buy your dream condo, but you will succeed if you and your buyer agent stay focused and work with purpose.
Advice for condo sellers
If you're selling your condo this year, be sure you hire a listing agent who will help you negotiate a clean offer and a great price from a buyer who is committed to closing. Can your listing agent negotiate an offer where the appraisal and inspection contingencies are waived? Our team is successfully negotiating many clean offers on behalf of our sellers in 2021.
