Madison area condo prices up 8 percent in February

Posted by Dan Miller, REALTOR on Friday, March 25th, 2022 at 3:41am.

Dane County condo prices continue to rise in early 2022, as a large number of buyers compete for a limited supply of condos. Here's our latest update on the Madison area condo market -- updated through the month of February, 2022. 

Dane County condo prices

The condo price per square foot jumped to $187 in February, which was a new record for the month and an increase of 8% year-over-year.

Madison WI Condo Prices Feb 2022

New MLS listings

A low supply of new listings continues to create a friendly market for condo sellers. Only 136 new Dane County condo listings entered the market in February, which was the 6th lowest total for the month dating back to the year 2000.

Dane County condo mls listings Feb 2022

Active listings and months of supply

As of March 22nd, only 101 Madison area condo listings were available for sale, which is the equivalent of about 3 weeks of supply. Condo inventory is especially tight in the under $300,000 price range. 

Madison WI Condo Inventory March 22 2022

Accepted offers

Accepted offers were lower by 14% in February and by 21% year-to-date -- due to low supply. Because contract signings are down in February, we expect lower sales totals to follow in March. 

Madison WI Condo Accepted Offers Feb 2022

Condo sales

Although sales were limited by low supply in February, they were still quite strong when viewed within the context of the last 20 years. The 84 condos sold in February represented the 6th highest total for the month dating back to the year 2000.

Madison WI Condo Sales February 2022

Days on market

The average days on market in February was only 27 days, which was a new record low for the month.

Madison WI Condo Days on Market February 2022

What questions do you have about the Madison area condo market? 

Just reach out to your preferred Mad City Dream Homes agent whenever you're in need of a real estate conversation. Whether you plan to buy or sell, we can help you successfully navigate this year's unique market, and plan for the long-term, too. 

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

Leave a Comment

Format example:
Format example:

Sign up for email updates