Dane County condo prices continued to reach new highs in the month of April. Here's our latest Madison area condo market update -- covering prices, sales, inventory, days on market, and more.
Condo prices
The average price per square foot jumped to $205 in April, which was a new record for our market. Prices were up 11% year-over-year and up 10% year-to-date.
MLS listings
New listings continue to enter the market at a slow pace, which is one of the reasons why condo prices continue to rise in Dane County. Only 177 condominiums were listed for sale in April -- one of the lowest totals on record for the month. New listings decreased by 6% year-over-year and by 8% year-to-date.
Months of supply and available listings
As of May 13th, only 100 condos were available for sale (without an accepted offer) in Dane County. This is the equivalent of .7 months of supply. Note the months of supply are especially low for condos priced under $300,000 -- indicating a very tight market for the most affordably priced condos.
Accepted offers
Low inventory continues to limit the number of signed contracts in early 2022. Accepted offers were down 21% in April and by 18% year-to-date.
Condo sales
Madison area condo sales continue to trend lower in 2022, due to a lack of fresh supply. Sales decreased by 15% in April and by 12% through the first four months of the year.
Days on market
Condos continued to sell at a record-setting pace in the month of April. The average days on market was only 19 days last month.
Are you planning to buy or sell a condo in the Madison area?
We are experiencing a moderation in showing activity in the month of May, so we fully expect a more balanced market in the weeks and months ahead. As always, we'll continue to publish our monthly condo reports and offer our transparent views of the market. In the meantime, please reach out to our realtor group with any questions you have about buying or selling a condo in 2022. We are always prepared to serve, and we are here to help!
