August was another month of high prices and low inventory for the Dane County condominium market. Here's our latest snapshot covering all of the key trends in the Madison area.
Available listings (those without an accepted offer) increased significantly this summer, but have since receded from the peak levels in July. Dane County currently has less than a month of inventory available for sale, which is one reason why we expect more price appreciation in the months ahead.
New MLS listings
Through the first 8 months of 2022, new condominium listings are entering the market at the slowest pace in 20 years. New listings decreased by 17% year-over-year in July, and by 22% in August. Listing activity will be low this fall, too, based on our review of the early September data.
Condo demand remains quite strong in Dane County. A total of 171 condos went under contract in August, which was the fourth highest total on record for the month. Even though interest rates have risen, buyers across all demographics continue to seek out the condo lifestyle. More condos went under contract in the month of August (171) than entered the market (143).
Dane County condo sales
Madison area condo sales (or closings) dipped by 17% in the month of August, and by 11% year-to-date.
Days on market
Marketing times are beginning to rise, but still remain very low compared to most other years since the turn of the century.
Dane County condo prices
Madison area condo prices continued to reach new highs in the month of August. September will be another record-breaking month based on our preliminary view of the September data.
What's next for the Madison condo market?
We see low inventory and more price growth on the horizon. For more on this topic, we invite to read our recent article which highlights the market forces that are limiting supply and creating more demand for housing in the Madison area.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred