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…