Many of you have a lot more interest in the real estate market than you did just a month ago, so we'll be sharing much more info on how the market is evolving in the weeks and months ahead. We've just published our latest Madison condo report here, but here's a shorter version of where the condo market is right now - and where we see it going.
Here's a quick summary of the March condominium market:
Madison condo sales were up 12% from March of 2019.
The condo price per square foot increased by 10% in March and 8% year-to-date.
The number of expired listings and the average days on market were very low in March.
New condo listings decreased to the lowest level since 2003.
Accepted offers also decreased. This was due primarily to low levels of supply, especially for condos priced below $250,000. There has been very little new construction in the condo market for the last 12 years.
Here's a quick snapshot of Madison condo supply as April 8th, 2020:
The city of Madison continues to experience a shortage of condominiums. Right now there are only 1.3 months of supply available for sale on the MLS.
Currently 46% of all condo listings are under contract with an accepted offer. This high number is another indicator of a low inventory market.
Here's what we expect from the Madison condo market in April
April condo prices will be strong due to low supply.
Accepted offers will decrease, due to some buyers either choosing to withdraw or being forced to withdraw from the market.
New MLS listings will also decrease, as some sellers decide to postpone putting their condo up for sale.
Due to a condo shortage, many listings will continue to receive multiple offers and sell for at or above the full list price. The market for affordably-priced condos will remain very competitive.
How does the Madison condo market vary by price range?
Here are 3 quick snapshots that offer a good view of the Madison condo market:
Inventory is lowest for condos priced under $250,000.
Supply is tight in many price categories, and especially so for condominiums priced below $250,000.
The under $250,000 market is experiencing very strong interest from local condo buyers.
A high percentage of the listings priced below $250,000 are under contract with an accepted offer. This is a sign of very strong momentum in the most affordable price categories.
Condos priced under $300k are most likely to receive multiple offers.
These numbers come from 2019 and are consistent with our experience in 2020. Even in our pandemic market, competing offers and bidding wars are common.
Do you have questions about buying or selling during the Coronavirus market?
The good news is we've adjusted all of our practices to help you successfully buy your dream home and sell for top dollar as we practice social distancing. We encourage you to view our realtor profiles online, and schedule a virtual consultation. Whether you need to make your move happen right now or sometime next year, we'll create a step-by-step plan for you and guide you to your end-goal. Along the way we'll give you all of the time, support, and problem-solving you need during this season of change.
Take care out there. We wish you lots of good health and plenty of positive change in the weeks and months ahead.
Your friends at Mad City Dream Homes
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred