We recently added a view of the cash buyer market to our monthly home and condo reports - and the results provide some interesting takeaways for both buyers and sellers. Here's a quick summary of our findings.
Cash offers are common in the condo market.
Overall, 1 out of every 5 Madison condo sales through the month of October have gone to cash buyers. This is below the historical high of 26% in 2012. Cash offers peaked 5 years ago when Madison condo prices bottomed out.
Takeaway: Based on current market trends, buyers and sellers should expect at least one cash offer whenever multiple offers are submitted for a condo listing.
Cash offers are most common with higher priced condo listings.
Baby Boomers are the key drivers of this…