The Madison area condo market continues to be a great market for sellers as we head into the summer sales season. Here's our newest update on the Dane County condo market with all of the latest trends updated through the month of May.
Madison area condo prices are at all-time highs.
The condo price per square foot jumped to $160 in May, which was up 4% from last year.
Condos are selling quickly.
The average days on market in May was just 36 days, which was a record low for the Dane County condo market.
New condo listings continue to enter the market at a slow pace.
Dane County condo listings decreased by 37% in April and 19% in May.
A high percentage of the listings are under contract and closing soon.
As of June 10th, 48% of all Dane County condo listings are under contract with an accepted offer. Condos priced under $250,000 are especially hot right now, with a majority of these listings under contract and closing soon.
Accepted offers are trending lower due to low supply.
Accepted offers in May were at their lowest level since 2012. Low inventory is limiting sales activity in 2020.
Condo sales have been lower due to a lack of inventory.
Sales were down significantly in May, but we expect some bounce back in June and July based on activity we are seeing in the market right now.