Madison area condo prices jump 21 percent in June

Posted by Dan Miller, REALTOR on Monday, July 19th, 2021 at 7:47am.

June was another profitable month for Madison area condo sellers. Here's our latest update on the Dane County condo market. 

Dane County condo prices

The price per square foot set a new record in June, increasing by 21% year-over-year and by 16% year-to-date. 

Madison WI Condo Prices June 2021

Dane County condo sales

Although prices were high, sales were limited by low inventory. 

Madison WI Condo Sales June 2021

Accepted offers

New contracts were also limited by low supply. 

Madison WI Condo Sales June 2021 

Condo months of supply

Only .7 months of supply were available for sale as of July 16th. The under $300,000 market is especially competitive in Dane County. 

Madison WI Condo Inventory July 2021 

New MLS listings

New listings continued to enter the market at a subdued pace in June. 

Madison WI MLS condo listings June 2021

Days on market

The average days on market plummeted to just 11 days in June. This was a record low for our market. 

Madison WI Condo Days on Market June 2021 

What to expect from the Madison area condo market this summer and fall

Although the condo market will continue to be favorable for sellers, we do expect a more subdued market compared to the one we just experienced this spring. Competing offers and bidding wars will be a little less common, so it will be important for sellers to be in tune with changing market conditions.

For those folks who are still looking to buy a condo, we encourage you to hang in their and stay engaged with your search. These next few months could be the window of opportunity that you've been waiting for. 

Do you know someone who has questions about how to best navigate this year's condo market? We're always available to assist you, your friends, and your family with our insights and advice. Just reach out to one of our full-time real estate professionals for a conversation. 

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
1619 Monroe Street #1, Madison, WI, 53711

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