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

Even though there's so much turbulence in the world around us, many Madison area home sellers are experiencing a tremendous amount of success in this year's low inventory market. Here's our quick snapshot of the Dane County single family home market - updated through May, 2020.

Madison area home prices are at record highs.

The May price per square foot increased by 4% year-over-year and 5% year-to-date.

Marketing times are near historic lows.

The average of 28 days on market was the second lowest on record for the month of May.

New MLS listings are entering the market at a slow pace. 

New listings were down 33% in May and were lower by 15% year-to-date.

Months of supply are low.

Inventory is low, and especially so for

Here's a quick look at the Madison area real estate market for the month of May. This preliminary market info is based on our snapshot taken on May 26th. We'll report on the full month of May once all of the final numbers are available in the month of June. As you can see from the updates below, inventory is much lower this year, and as a result many homes are selling very quickly and for high prices. 

New MLS listings continue to enter the market at a slow pace. 

New single family home listings have been trending much lower since the end of March. Low supply has created a very competitive market for buyers this spring. 

Properties priced under $350,000 are very hot. 

As of May 26th, well over 50% of the single family homes priced under

Our latest condo report shows why it's still a very strong sellers' market in many price points and locations throughout Dane County. Buyers and sellers who take the time to understand these trends and consult with a professional will be well-equipped to make good decisions in the year ahead. 

Madison area condo market trends for April and early May, 2020

Here are the latest Dane County condo market trends, with new information from the months of April and May.

Some condo owners are postponing their plans to sell. 

As you can see from the graph below, April condo listings decreased by 37% year-over-year. Fewer listings means fewer condos will be sold in the months ahead. At the same time we expect the condo market to remain very

We're two months into the COVID-19 pandemic now, and we have some important trends we'd like to share with anyone who's thinking of buying or selling in the Madison area. Buyers and sellers who understand these trends will be in a position to make smart decisions and make the most of this year's unique market. 

Dane County single family home trends for April and early May, 2020

Here are the latest trends in the single family home market, with fresh data from the months of April and May. 

Fewer owners are listing their home for sale. 

Single family home listings were in short supply before the pandemic began, and we expect this to be the trend for the foreseeable future. As you can see from the graph below, many home owners postponed their

Buyer activity dropped in March due to the pandemic announcement and Wisconsin's Safer at Home order. However, in the last couple of weeks we've had more buyers reaching out to us and asking us for help. 

At the same time we've noticed some interesting trends with our website traffic, which we like to track because it provides some insight into how engaged buyers are with the market. As you can see from the graph below, traffic dropped dramatically in the middle of March...BUT, it has been slowly climbing these last few weeks and is now much higher than it was the year before. 

Buyer interest is strong right now.

Even though there will be fewer homes bought and sold this year, there are still plenty of buyers out there who are waiting for the

A few days ago one of our buyer clients was elated to learn that her offer for a west side condo was accepted. This may seem hard to believe, but there were 8 other buyers who wrote an offer on the same property. You may be wondering, how is it possible that we're seeing so many competing offers at a time like this? It doesn't make sense that this would be happening during a pandemic.

The answer is, it's all about scarcity. Here's a quick look at how scarcity is shaping our market this Spring. 

Scarcity in the Dane County condo market

There are fewer buyers participating in the market right now - and fewer sellers, too. Here are the trends we're observing in the Madison area condo market. 

The under $250k condo market is highly

Many of you have a lot more interest in the real estate market than you did just a month ago, so we'll be sharing much more info on how the market is evolving in the weeks and months ahead. We've just published our latest Madison condo report here, but here's a shorter version of where the condo market is right now - and where we see it going.

Here's a quick summary of the March condominium market:

• Madison condo sales were up 12% from March of 2019. 
• The condo price per square foot increased by 10% in March and 8% year-to-date. 
• The number of expired listings and the average days on market were very low in March. 
• New condo listings decreased to the lowest level since 2003. 
• Accepted offers also decreased. This was due primarily

We know a lot of you have questions about how the Madison area real estate market is evolving, so we'll be sharing a lot of good information with you in the weeks and months ahead. This begins with our Madison single family home report, which will be updated regularly and is linked here. Below is our short summary of the latest trends and our perspective on how the market is changing. 

Here's a quick summary of the March single family home market:

• Madison home sales increased by 19% from March of 2019. 
• Accepted offers increased by 22%. 
• The number of expired listings and the average days on market remained near historically low levels. 
• The number of new MLS listings entering the market was the lowest total in the last 18 years.

We understand these are anxious times for many people, so we'll be doing our best to keep you updated on how the Madison area real estate market is evolving over time. Below we provide a brief look at what we see happening right now, as well as what we expect to happen in the future. 

What is our experience with the market right now? 

Right now we're actively assisting many people who are motivated to buy. We're also listing new properties and our listings are receiving strong traffic. We have noticed some relocating buyers are canceling their plans to fly into Madison and tour properties. We're also beginning to see changes in the way real estate is practiced (more on this below). Up to this point, this has been a pretty typical March for our