Here's our latest unbiased view of the Dane County condominium market, updated for the month of March, 2023.
Competing offers
The competition for condos in early 2023 is at an all-time high. Based on our preliminary data for the month of February, 49% of all contract signings involved multiple offers. This is a very high percentage for this time of year, and a clear sign that prices will be strong in the months ahead. There is still plenty of pent-up demand for condos in Dane County.
New condo listings
Madison area condos continue to enter the market at a slow pace. March condo listings decreased 28% year-over-year and were lower by 24% year-to-date.
Condo inventory
Condo supply is running at an all-time low, with only .6 months of inventory available across all of Dane County. Available listings are well below the levels from a year ago.
Accepted offers
With fewer condos available for sale in 2023, fewer condos are going under contract. Accepted offers in March were down 27% year-over-year and 25% year-to-date.
Dane County condo sales
Condo sales (or closings) were lower by 9% year-over-year and by 18% year-to-date.
Dane County condo prices
Prices were up slightly in the month of March and by 5% year-over-year. Keep in mind the number of closings in the first quarter of the year is relatively small, and low sample sizes tend to create big swings in the monthly data. These 9 market forces and our sneak peak at April prices indicate we'll see plenty of price growth in the months ahead.
Condo days on market
Days on market were up slightly in the month of March, but in the big picture marketing times remain very low.
What does the future hold for the Madison area condo market?
We are asked all of the time, "when will prices fall?" In our heart of hearts, we don't see prices falling anytime soon, and here are 9 key reasons why.
If you're thinking of buying or selling in the months ahead, you're bound to have questions. Please reach out to us whenever you need to speak with a real estate professional. We'd love to be a resource for you.
