Madison area condo prices up 2 percent in May

Posted by Dan Miller, REALTOR on Saturday, June 18th, 2022 at 5:27am.

Dane County condo prices increased by 2 percent in May and by 8 percent through the first 5 months of the year. We do expect condo prices to continue to increase this summer due to the low inventory in and around Madison. Stay tuned for our regular blog updates, which will offer plenty of market insight in the months ahead.

Madison WI Condo Prices May 2022

Accepted offers

Accepted offers were quite strong in May, given the recent rise in mortgage rates. Signed contracts were lower by 2 percent year-over-year and by 14% year-to-date.

Madison condo accepted offers May 2022

New condo listings

New condo listings came in at the lowest total since 2003. Listings were lower by 13% year-over-year and by 8% year-to-date.

Madison WI New MLS Condo Listings May 2022

Available inventory

Only 119 listings and .8 months of supply were available for sale as of June 11th. Condo inventory is rising slowly, but remains low by historical standards. Low inventory will continue to keep prices high in the months ahead. 

Madison WI Condo Inventory June 2022

Condo sales

Condo sales have been slowed by low inventory throughout all of 2022. A total of 154 Dane County condos sold in the month of May, which was the lowest total since 2012. Sales were lower by 14% last month and by 13% through the first five months of the year.

Madison WI condo sales May 2022

Condo days on market

The average days on market fell to 15 days in the month of May, which was a record low for the month. We do expect marketing times to increase as inventory increases over the course of the year.

Madison WI Condo Days on Market

The big picture

Clearly, the market is transitioning to one with more balance and more opportunities for buyers who will be shopping for a condo this summer. At the same time, many sellers continue to experience impressive results in the month of June.

There's so much confusing chatter about the market in the media and on social media, so we encourage you to check in often with our real estate trends blog, which we are constantly updating with our latest news and views. Or just reach out to your preferred Mad City Dream Homes realtor whenever you have any real estate questions. We're always prepared to consult with you, and always ready to help.

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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