Madison area condo prices continued to reach new highs in the month of July. Here's our latest Dane County condo report covering prices, inventory, days on market, and more.
Dane County condo prices
Dane County condo prices set a new record last month, increasing by 7% from July of 2020. Year-to-date prices were up 14% compared to prices through the first seven months of last year.
Condo buyers were extremely active in July of 2020 due to the impact of the pandemic on the market. Condo buyers were very active in July of 2021 as well, but accepted offers were lower compared to last year's unusually strong numbers.
New MLS listings
New condo listings continued to enter the market at a subdued pace. A lack of supply is a big reason why condo prices keep rising in the Madison area.
Dane County condo inventory
Right now there are only .8 months of supply available for sale in the Madison area condo market. The under $350,000 market is especially competitive in Dane County.
Madison area condo sales
Condo sales were strong given the lack of available listings in Dane County.
Condo days on market
Condos have been selling at the fastest pace on record in 2021, and this trend continued in the month of July.
What to expect in the late summer and fall market
We expect market conditions to continue to be favorable for condo sellers, but with more balance compared to the intense market earlier this spring. Buyers who are still looking for the right condo and who stay committed to their search will find more opportunities in the late summer and fall seasons.
A persistent lack of supply means buyers will be active throughout the entire calendar year, not just during the spring and early summer. Contact your preferred Mad City Dream Homes realtor to discuss your buying and selling goals in this year ahead. We'll answer all of your questions and help you plan for success in this year's unique market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred