What's the hottest condo market in Madison? When we look at two key statistics, there is one clear winner, and the answer is likely to surprise you.
The Southwest Side of Madison
The hottest condo market in Madison is the southwest side of the city. The southwest side is roughly bounded by the Beltline to the north and Cross Country Rd to the south, and Verona Rd to the east and High Pt Rd to the west.
The Madison Condo Market by the Numbers
The table below shows the percent of listings with accepted offers and the months of supply for every part of town. The numbers for the southwest side are truly remarkable.
As of this post, 75% of the condo listings on the southwest side of Madison have an accepted offer. Viewed another way, if you're using Zillow to search for a southwest side condo, 3 out of every 4 listings you view are already spoken for and scheduled to close soon. This is a great example of why it pays to have a good buyer agentworking by your side. A good buyer agent will streamline your search by helping you focus on the properties that are truly available for sale.
Another amazing statistic is the months of supply. As of this post there are only .5 months of condo supply on the southwest side of Madison. This very low number indicates a strong seller's market with demand far exceeding supply.
Why the Condo Market is so Hot on Madison's Southwest Side
It's a booming market on the southwest side for 4 main reasons:
An affordable supply of newer construction condos. The southwest side has a nice selection of condos built since the year 2000.
Rising rents. A tight rental market is pushing rents higher and causing many long-time renters to cross over from renting to buying.
Pent-up demand from millennials. As Dave Stark points out in this article, the population of young adults is growing in Dane County. Millennials are moving into the purchase market and will continue to do so in the future.
A close proximity to Epic Systems. This is a huge reason behind the popularity of the southwest side condo market. Epic Systems is located just a few miles to the south. The southwest side of Madison is the perfect location for many Epic employees.
Do you have questions about the condo market on your side of town? We can help you answer all of them. Contact us anytime for a complimentary consultation.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred