The Madison condo market has been hot all year and prices are on the rise. Prices rose 15% in May based on our price per square foot statistic. The May price per square foot was $143, compared to $125 in May of 2016.
Year-to-date through May, the price per square foot is up 12% - from $134 in 2016 to $151 in 2017. This year's market is approaching the 2006 market peak - when the price per square foot was $152.
Madison condominiums are selling at the fastest pace on record.
Condos are selling at the fastest pace ever. The May average days on market was only 41 days.
The year-to-date average is 52 days - also a record low.
What's driving the hot market?
Low inventory. As of June 9th, only 1.5 months of supply were available for sale, and 47% of all Madison condo listings were under contract with an accepted offer.
Low inventory is leading to increased competition.
More condo listings are receiving multiple offers than ever before. In April, 44% of all accepted offers involved competition from other parties. Increased competition in April drove prices higher when these transactions closed in May.
How the Game is Changing for Condo Sellers
In this perpetually low inventory market, owners can successfully sell their condominium any time of year. This is especially true for the under $300,000 price category, where demand is particularly strong.
How the Game is Changing for Condo Buyers
Buyers need to get creative and should strongly consider searching for their condominium during the non-peak season. Buying during the springtime can be challenging due to the intense competition from other condo buyers. It goes against convention, but the summer season is a great time to buy as the market becomes more balanced.