Madison area condo prices rose from $202 per square foot in February of 2023 to $235 in February of 2024. That's a 16 percent year-over-year increase. Note these numbers are based on a low number of sales in the month of February. We'll gain a clearer picture of price growth as we accumulate more data throughout the year.
Dane County condo prices
New condo listings
A total of 153 Dane County condominiums were listed for sale in February, compared to 100 the year before. Listing activity remains light, but this is a step in the right direction.
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 one month of supply), the encouraging news is that it appears to be moving higher compared to previous years.
Accepted offers
Contract signings were essentially the same as last year and the lowest since 2012. Low supply continues to limit accepted offers in Dane County.
Competing offers
Our preliminary data through the month of January shows the percentage of listings receiving multiple offers remains very high compared to the pre-pandemic market. This is one clear sign of pent-up demand in the Madison area, where the number of buyers far exceeds the number of sellers.
Cash offers
The percentage of listings receiving cash offers also remains very high compared to the pre-pandemic market -- another clear sign of pent-up demand.
Days on market
Historically low marketing times are a third clear sign of a market with more buyers than sellers.
Dane County condo sales
Condo sales remain subdued by a lack of available supply.
What to expect for the rest of 2024
All signs point to low supply and more price appreciation in the year ahead. Please feel free to contact us with any of your real estate-related questions. We're always up for talking real estate -- and never with any sales pressure or spin.
