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.
Dane County condo sales
Although prices were high, sales were limited by low inventory.
Accepted offers
New contracts were also limited by low supply.
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.
New MLS listings
New listings continued to enter the market at a subdued pace in June.
Days on market
The average days on market plummeted to just 11 days in June. This was a record low for our market.
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.
