The Dane County condo market continued to break more records in December as strong demand and low supply drove prices higher. Here's our latest Madison area condo report covering all the latest trends.
Dane County condo prices
The condo price per square foot increased by 14% in December and by 12% year-to-date. Prices were strong by other measures, too. The median condo price increased by 10% in December and 13% in 2021, while the average price increased by 19% in December and 12% for the year. No matter how you measure them, condo prices rose by double-digits in 2021.
Dane County condo supply
Only .6 months of supply and 100 units were available for sale as of January 8th. Inventory is tight in all price categories right now, especially in the $100,000 to $300,000 price range. A scarcity of supply is a huge reason why choosing the right buyer agent team is so important in this year's condominium market.
New listings
New listings increased in December, but were still low when compared to historical highs.
Accepted offers
Buyer activity was strong in December, despite low levels of supply. Note more condos went under contract in December (96) than were posted to the MLS (93) -- a very clear sign of a fast-moving market.
Sold condo listings
Madison area condo sales were also very strong in December, tying the previous record of 132 sold listings in December of 2005.
Days on market
Condos sold at the fastest pace on record for the month of December.
Where will the condo market go from here?
Check out our predictions for our thoughts on how the market will evolve in 2022, and call on us anytime you have questions. You are bound to receive all kinds of confusing and contradictory messages in the media and social media this year, but our team will always be available to help you cut through the noise and make good decisions in the year ahead.
