What's trending in the Madison area condo market? Our latest Dane County condo update offers a nice summary of all of the latest trends, and without any exaggeration or spin.
Madison area condo prices
The median price for a Dane County condo increased by 12 percent year-over-year while the price per square foot increased by 20 percent. Why do Dane County condo prices continue to rise? One big reason is the recent slowdown in new MLS listings (covered in the next section below).
New condo listings
Only 78 Dane County condos were listed for sale in November, which was the second lowest total on record for the month, and a decrease of 24% from the number of new listings in November of 2021. Mortgage rates have increased in 2022, which has caused some condo owners to put their selling plans on hold.
Active condominium listings
The number of available (or active) listings right now is actually slightly lower than the number of available listings at the same time last year. Low supply is one of the key reasons why we expect Madison area condo prices to remain strong in 2023.
Accepted offers
The number of condo listings that went under contract decreased by 24% year-over-year, and by 14% through the first 11 months of the year.
Condo sales
Sales decreased by 21% in November and were lower by 12% through the first 11 months of the year.
Expired listings
Expired listings continued to trend along record-low levels in the month of November.
Days on Market
The average days on market also came in at a record low.
What does the future hold for the Madison condo market?
This may come as a surprise to some, but we're predicting another year of strong prices and low inventory in 2023 (and for the foreseeable future).
If you're thinking of buying or selling in 2023, you're likely to have questions. So we encourage you to please reach out to us anytime you would like some guidance on buying or selling in the Madison area. We'll give you all the time you need and talk about how you can succeed in next year's market.
