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.
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.
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.
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.
Dane County condo sales
February condo sales were actually quite strong, given the low level of supply in the Madison area.
Condo days on market
Marketing times are up slightly in 2023. But in the big picture, days on market remain very low.
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.