Madison area condo prices increase 7 percent in February

Posted by Dan Miller, REALTOR on Wednesday, March 15th, 2023 at 5:11am.

Dane County condo prices continued to rise in February, as buyers continued to compete for a limited supply of condominiums. Here's our latest condominium update, covering all of the latest trends in Dane County -- updated for the month of February, 2023. 

Dane County condo prices

The price per square foot increased by 7 percent year-over-year, while the median and the average price increased by 24 percent and 23 percent, respectively. Keep in mind these numbers are based on a relatively small number of sales in the month of February. We fully expect the median and the average prices to moderate as we accumulate more sales data this spring. 

Madison WI Condo Prices Feb 2023 

New MLS condominium listings

Only 96 condo listings entered the market in February, which was the lowest February total since the year 2000. New listings were down 36 percent from the 149 condos listed for sale last year. 

Madison WI New MLS Condo Listings Feb 2023 

Active listings

Active listings (those without an accepted offer) have reached a new low for the Dane County condo market. As of March 15th, there are only .5 months of condo supply in the whole county. 

Madison WI Active Condo Listings March 15 2023 

Accepted offers

With fewer condo listings entering the market, fewer contracts are being written, too. Accepted offers were the lowest for any month of February since February of 2012. 

 Madison WI Condo Accepted Offers Feb 2023

Dane County condo sales

February condo sales were actually quite strong, given the low level of supply in the Madison area. 

Madison WI Condo Sales Feb 2023 

Condo days on market

Marketing times are up slightly in 2023. But in the big picture, days on market remain very low. 

 Madison WI Condo Days on Market Feb 2023

For more condo market insight

Please contact our realtor team for a helpful conversation. We're here to help you navigate our always changing market, and always available to help you plan for your future. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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