The numbers are in, and Dane County condo prices continue to rise at the fastest pace we've ever seen. Here's our inside scoop on the Madison area condo market, covering the month of May, 2021.
Price per square foot
The price per square foot jumped from $159 in May of 2020 to $190 in May of 2021. That's a 19% increase year-over-year and a 14% jump year-to-date.
New condo listings
One of the reasons prices are rising is a scarcity of new supply. Only 186 Dane County condo listings entered the market in the month of May, which was the lowest level since May of 2010.
Condo inventory and percent of listings with accepted offers
As of June 9th, only .6 months of condo supply were available for sale in Dane County. Overall, 70% of all Madison area condo listings are under contract -- which is the highest percentage we've ever recorded. The condo market is very tight, especially in the under $300,000 price range.
Right now many Madison area condos are going under contract as soon as they are listed for sale. Last month, more Dane County condos went under contract (192) than were listed for sale (186).
Despite persistently low inventory, condo closings were relatively strong in May -- an indicator of a very strong sellers' market.
Days on market
The time required to sell a condo has fallen tremendously in 2021. The average days on market was only 18 days during the month of May -- another clear sign of a strong sellers market.
A new normal for the Madison area condo market
Persistently low supply is changing how we view the seasonality of our local real estate market. Traditionally, the spring and summer seasons have been viewed as the best times for getting work done in our industry. Now, sellers are learning they can accomplish their goals 12 months out of the year, and buyers are learning that it pays to have an open mind toward buying in the fall and winter.
Do you know someone who has questions about buying or selling a condo in this year's fast-moving market? Our entire team is here to serve you, your friends, and your family with our very best service and advice.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred