Here's our latest Dane County condo update, which offers some good insight into our new and evolving market. Do you have questions about your condo's current market value? Please contact our team for a helpful consultation.
Dane County condo prices
The price per square foot jumped from $184 in October of 2021 to $209 in October of 2022. That's an increase of 14%. Through the first ten months of the year, condo prices were up 11%.
New condominium listings
One reason condo prices remain high is that new listings continue to enter the market at a slow pace. A total of 107 condo listings entered the market in October, which was the lowest October total in the last 20 years.
Buyer activity actually was quite strong in October given the low supply of new listings. Contract signings were the lowest for any October in the last 7 years; however, more listings went under contract last month (114) than were listed for sale (107).
Dane County condo sales
Madison area condo sales decreased 30 percent last month, and registered the lowest October total since 2014.
Days on market
The average days on market for the month of October was only 20 days, which was a record low for the month.
Making sense of the Madison area condo market
Interest rates and inflation have increased from a few months ago, which has affected buyer behavior. Now that mortgage rates and remodeling costs are higher, today's buyers are more selective and expect more upgrades and better finishes for their purchase dollar. And fewer people are buying.
However, market conditions for condo sellers remain strong. Inventory is still very low. And for those sellers who apply the fundamentals (smart pricing, professional staging, cosmetic updates, and smart marketing), the results continue to impress.
Yes, some sellers are struggling to adjust to the market, but many owners are selling their condo very quickly and for some very nice prices, too.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred