Condominium prices continue to rise throughout Dane County, and by all measures. Here's our latest Dane County condo market update covering the latest price trends, and much more.
Dane County condo prices
The price per square foot increased to $210, which was a 3 percent increase from last April. The median price jumped to $301,500, an increase of 10 percent. While the average moved to $338,991, an increase of 7 percent.
New condominium listings
One of the biggest reasons for high prices is a low influx of new listings. Only 148 condominiums were listed for sale on the MLS in April, which was a 22 percent decrease from last year. Overall, condominium listings were down by 23% through the first 4 months of the year.
Available inventory
As a result, the number of available listings (those without an accepted offer) is lower compared to last year. Only 85 condos were available for sale on May 13th, compared to 100 condominiums on the same day last year. Right now there are only .7 months of condo supply available for sale in the Madison metro area.
Competing offers
With such low inventory, it's no surprise competing offers have reached a new high here in Dane County. According to our preliminary data, 55 percent of the listings that went under contract in the month of March received multiple offers.
Accepted offers
Accepted offers continued to trend lower in April. Signed contracts were down by 20% year-over-year and by 24% year-to-date.
Dane County condo sales
As expected, condo sales continued to trend lower in the month of April. Fewer buyers and fewer listings are resulting in fewer sales in 2023.
Days on market
Marketing times have risen slightly in 2023, but remain very low by historical standards.
Looking ahead to the month of May
Our peak at the early data shows that Madison area condo prices will post more steady gains in the month of May. We encourage you to check in regularly with our blog for more market updates throughout the year. And of course you can always contact our team with any of your real estate questions or concerns. We're here to be a resource for you, and we'd love to help.
