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 competitive, as buyers compete for a limited supply of listings.
Fewer listings are leading to fewer accepted offers.
Due to a low supply of new listings, accepted offers decreased by 29 percent year-over-year.
The under $250,000 is very competitive.
Right now there are only 1.6 months of condo supply available for sale. Forty-five percent of all listings are under contract (a high amount). The market for condos priced under $250,000 is very, very competitive.
Condo sales decreased in April.
A lack of supply will limit the number of condos sold in 2020.
Dane County condo prices were strong in April.
The average condo price reached a new high in Dane County and was up 2 percent year-to-date.
The price per square foot dipped slightly from the year before and is up 1% year-to-date. We expect condo prices to remain strong in 2020 due to a lack of inventory entering the market.
Days on market are near historic lows.
The average days on market in April was up a little bit from each of the last two years, but was still lower than every other year dating back to the year 2000.
Do you have questions about how to accomplish your buying and selling goals?
Let's have a conversation and discuss the strategies available to you in the COVID market. We'll lay out a plan for you that will help you move forward with confidence in the year ahead.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred