It may seem hard to believe, but Madison buyers are embracing the condo once again. Enticed by low interest rates and lower prices, buyers have jumped back into the Madison condo market in a big way. Consider these numbers which come from our review of data from the South Central Wisconsin MLS:
Dane County condo sales have increased each of the last 11 months.
Condo sales in 2012 increased by 30% from the year before.
Sales have accelerated in recent months, with January and February condo purchases increasing by 58% and 56%, respectively.
Pending condo sales (condo listings with accepted offers) are 51% higher right now compared to the same time last year.
With more buyers choosing condos, the inventory of condos for sale has fallen dramatically. Active condo listings in February of 2013 dropped by 54% from the level of February, 2008 (see the graphic below). Now the condo market is enjoying a much better balance between supply and demand.
All of this is encouraging news for both sellers and buyers. Sellers have been seeking a bottom to the fall in condo prices; buyers have been seeking some reassurance that their investment will hold its value down the line.
Thinking of buying or selling a condo in Madison, Wisconsin? Contact our condo specialists for a free consultation. We help dozens of condo clients achieve a successful closing each year.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred