Dane County condo prices reached new highs in the month of March, as high demand and low supply continued to push the market higher. Here's our latest report covering all of the latest trends in the Madison area condo market.
Price per square foot
For the first time ever, the price per square foot reached $200 in Dane County. The price per square foot increased by 7% in March and by 9% year-to-date.
New MLS listings
Only 202 condos were listed for sale in March, which was down 8% from the 220 condos listed in March of 2021. Through the first quarter of 2022, new listings were lower by 10 percent from the year before.
Available listings and months of supply
As of April 10th, only 116 condo listings and .8 months of inventory were available for sale in Dane County. Inventory is especially tight for condos priced under $300,000. With such low levels of supply, we expect Madison area condo prices to continue to rise this spring.
Low supply continues to limit the number of accepted offers (ie signed contracts) in 2022. Accepted offers were lower by 12% in March and by 17% during the first quarter of 2022.
As expected, condo sales were limited by low supply in the month of March.
Days on market
The days on market in March was only 24 days, which was an all-time low for the month.
What lies ahead in 2022
Although interest rates are rising, it's still very much a seller's market across all of Dane County. Do you have questions about buying or selling a condo in the Madison area? Our real estate team is here to help you navigate this year's fast-moving market.
Please reach out to us anytime for a helpful conversation. We're always available to offer you our honest advice, and never with any sales pressure or spin.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred