November was another great month for Madison area condo sellers, who continued to benefit from record-high prices. Here's our latest Dane County condo report covering all of the latest price, sales, accepted offer, inventory, and days on market trends.
Dane County condo prices
The price per square foot increased by 12% in November and by 12% through the first eleven months of the year. The median price was up 7% for the month, and the average was up by 10%. Where do we see prices heading in 2022? Check out our annual predictions, which we recently published to our blog.
Dane County condo sales
Madison area condo sales were down compared to each of the last two years, but were still high from an historical context, registering the 6th highest total on record. Keep in mind, the market last fall was unusually strong due to the arrival of the pandemic in the spring. Also, sales would be much higher right now if more condos were available for sale. A lack of fresh supply is limiting the number of sales in the year's market.
Accepted offers
Accepted offers decreased from last November, but were still very strong from an historical perspective. Contract signings came in at the fourth highest on record for the month.
New condo listings
The number of new Dane County condo listings posted to the MLS was down by 9% from last November, and was low by historical standards, too. A low supply of incoming listings is setting the stage for a very competitive condo market in the year ahead.
More about condo inventory
Only 119 condo listings and .7 months of supply were available for sale on the MLS as of December 10th -- both of which are clear indicators of a tight condo market in Dane County. More than 52% of all condo listings are under contract with an accepted offer, which is another indicator of a very competitive market.
Days on market
The days on market for the average Dane County condo was only 22 days in November and 23 days year-to-date. Both of these are record lows for our market.
Get ready for another competitive condo market in 2022.
Even though we are in the midst of the holiday season, which is typically the slowest time for real estate in Dane County, our local condo market is unusually active for this time of year. Even so, the market will become much more competitive on the other side of the holidays when many more buyers begin their search.
What real estate goals do you wish to achieve in the new year?
Please reach out to us for a helpful conversation. We are here to help you plan and problem-solve as we share all of our best advice with you. Although the market will be constantly changing over this next year, our focus on serving will remain constant.
In this last real estate update of the year we would like to thank all of you who continue to support our team with your business, referrals, and testimonials. You affirm our focus on community, relationships, and real estate. And for that, we are truly grateful.
We wish you a safe, happy and healthy holiday season,
Your friends at Mad City Dream Homes.
