The Madison area condo market continues to be very active as we approach the new year. Here's our latest report on the Dane County condo market, covering the month of November, 2020.
Dane County condo sales
Madison area condo sales jumped 14% in November and set a new record for the month. Even though we're in the midst of the holidays, many buyers are motivated to make a purchase before the end of the year.
Accepted offers increased 21% in November and established a new record for the month, too. We're expecting a high number of closings in December and January based on the large number of buyers writing offers in November.
Madison area condo prices
Dane County condo prices reached a new high for the month of November and are on track to set a new annual record at the end of the year.
New condo listings
New condo listings continued to enter the market at a relatively slow pace.
Months of supply and percent of listings under contract
Right now there are only 1.3 months of condo inventory in Dane County. The $200,000 to $250,000 price range is especially competitive, with two-thirds of these listings under contract and scheduled to close soon.
Days on market
Dane County condos continue to sell quickly. The average days on market in November was only 33 days, which was the second lowest on record for the month.
Expired condo listings
Very few condo listings are expiring in our seller-friendly market. Only 24 listings expired without selling during the month of November.
What questions do you have about our local condo market?
Please reach out to your favorite Mad City Dream Homes realtor to discuss your condo dreams and goals. We'll help you answer all of your buying and selling questions and lay out a plan that will help you enjoy success in our always changing market.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred