Rising prices and limited supply continue to be the two big themes in the Dane County condo market. Here's our latest Madison area condo report, covering all of the latest trends, including: sales, pending sales, days on market, prices, inventory, and much more.
Madison area condo prices
The price per square foot increased by 2 percent in January, while the median increased by 15% and the average by 16%. We do expect prices to continue to rise throughout all of 2023 based on current supply and demand trends. Our preliminary review of the February data indicates prices will be up significantly this month, too.
New condominium listings
Prices keep rising because new listings continue to enter the market at a slow pace. Only 106 condos were listed for sale in January, which was the second lowest total on record for the month.
Active listings
A total of 89 Dane County condo listings were available on February 12th, 2023, which was only 3 more than the number that were available on the same day last year. Right now there are only .7 months of condo supply available for sale in all of Dane County.
Accepted offers
A total of 91 Dane County condos went under contract in January, which was the lowest January total since 2014.
Madison area condo sales
Sixty-five Dane County condos closed in January, which was the lowest January total since 2016.
Expired listings
Very few condo listings are expiring in the Madison area, which is a telltale sign of a sellers market.
Days on market
Dane County condos continue to sell very quickly, which is another sign of a market that's favorable to sellers.
Where will the Madison area condo market go from here?
We've done our research and we see condo prices rising throughout 2023 and for the foreseeable future. For more information, please see our 2023 predictions, or contact your Mad City Dream Homes realtor for a helpful conversation.
