Here's our latest update on the Dane County condominium market, with plenty of insight and observations sprinkled in. Do you have questions about buying or selling a condo in the Madison area? Please feel free to contact us for a helpful conversation. We'd love to help you. Our July report follows...
Madison area condo prices
The Dane County price per square foot grew from $226 in July of 2023 to $234 in July of 2024, an increase of 4 percent. Through the first 7 months of the year, the price per square foot is up 7 percent. We are seeing signs that the growth in condo prices may be moderating, which would be a positive step toward a more balanced market. We'll be tracking condo prices closely in the months ahead.
New MLS listings
A total of 158 condos were listed for sale on the MLS in July, which was an improvement from July of 2023. As listing activity has been slowly improving, the amount of available supply has started to grow (see below).
Active condo listings
Active listings (those without an accepted offer) have been growing in 2024. As of August 6th, 195 active listings (or 1.8 months of supply) were available for sale on the MLS. The addition of a few new condominium communities is helping to improve condo supply in Dane County.
Accepted offers
Buyers responded to more inventory by writing more offers. A total of 118 Dane County condos went under contract in July, which was an improvement from the 96 condos that went under contract in July of 2023. Note from the chart below that buyer activity is still low compared to most other years since the year 2000.
Competing offers
The 2024 condo market continues to be more competitive than the pre-pandemic market, but we are seeing signs that competing offers are beginning to trend toward pre-pandemic levels. Forty-one percent of all contract signings in June involved multiple offers, compared to 35% in June of 2019.
Cash offers
Cash offers continue to be much more common than in the pre-pandemic market.
Days on market
Condos continue to sell quickly in Dane County.
Dane County condo sales
July condo sales (139 closings) came in slightly below the sales total from July of 2023 (149 closings). Year-to-date sales through the month of July are essentially even with year-to-date sales from last year.
What to expect for the rest of 2024
Buyers will have more condos to choose from compared to each of the last 2 years, and sellers will need to focus on the fundamentals as inventory edges higher. We expect lower mortgage rates to entice more buyers into the market as selection improves.
What questions do you have about the market? We're always available for a conversation. Please feel free to call us for some honest insight, without any of the sales pressure or spin.
