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