November: a record-breaking month for the Madison condo market

Posted by Dan Miller, REALTOR on Thursday, December 17th, 2020 at 6:34am.

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. 

Madison WI Condo Sales November 2020

Accepted offers

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 WI Condo Accepted Offers Nov 2020 

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. 

Madison WI Condo Prices Nov 2020 

New condo listings

New condo listings continued to enter the market at a relatively slow pace. 

Madison WI New MLS Condo Listings Nov 2020 

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. 

Madison WI Condo Listings with Accepted Offers Dec 2020 

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. 

Madison WI Condo Days on Market Nov 2020

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. 

Madison WI Expired Condo Listings Nov 2020

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
610 Junction Road #205, Madison, WI, 53717

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