Dane County condo prices rose from $200 per square foot in March of 2023 to $223 in March of 2024. That's a 12 percent year-over-year increase. Note the price per square foot is up 13 percent through the first 3 months of the year.
Prices were up by other measure, too:
- The average price grew from $295,361 in March of 2023 to $332,689 in March of 2024 -- up 13 percent.
- The median price grew from $276,500 to $311,000 -- moving 12 percent higher.
New condo listings
Condo listings increased for the second straight month. This is an encouraging sign, but it's important to note that buyer demand still far exceeds the supply of available condos. A total of 179 Dane County condominiums were listed for sale in March, compared to 151 the year before.
Active condominium listings
"Active" or "available" listings are those that don't have an accepted offer. Although Madison area condo inventory remains tight (with only 1.3 months of supply), the encouraging news is that supply is edging higher compared to each of the last two years.
Accepted offers
With a few more listings entering the market in February and March, accepted offers rose, too. From an historical context, contract signings remained low.
Competing offers
Our preliminary data through the month of February shows the percentage of listings receiving multiple offers remains high compared to the pre-pandemic market. This is one clear sign of pent-up demand in the Madison area, where the number of condo buyers far exceeds the number of condo sellers.
Cash offers
The percentage of condo listings receiving cash offers also remains very high compared to the pre-pandemic market -- another clear sign of pent-up demand. Forty-one percent of all March condo sales involved cash offers, compared to 27 percent 5 years before.
Days on market
Historically low marketing times are a third clear sign of a market with more buyers than sellers. The average days on market last month was only 24 days, which was a record low for the month of March.
Dane County condo sales
Condo sales remain subdued by a lack of available supply. A total of 100 condos sold last month, which was the lowest for any month of March since 2014.
What condo market trends should we expect for the rest of 2024?
All signs point to low supply and more price appreciation for the foreseeable future. Please reach out to us with all of your buying, selling, and market-related questions. We're always up for talking real estate -- and never with any sales pressure or spin.
