Here's our newest look into the Madison area condo market, starting with the price trends for November, 2023.
Dane County condo prices
On a year-over-year basis:
- The price per square foot increased from $208 to $217 (4 percent).
- The average price increased from $293,288 to $311,116 (6 percent).
- The median price was even at $270,000.
On a year-to-date basis:
- The price per square foot increased from $203 to $215 (6 percent).
- The average price increased from $299,978 to $333,028 (11 percent).
- The median price increased from $267,720 to $300,000 (12 percent).
New Dane County condo listings
One big driver of high prices is the low supply of new listings. New listings did increase slightly in November, but still came in at the 3rd lowest total on record for the month.
Active listings
As a result, the number of active listings (those without an accepted offer) remains persistently low. Only 102 Dane County condos (the equivalent of .9 months) were available for sale on December 13th. This level of inventory is consistent with our December snapshots from each of the last two years.
Also note the seasonality of active listings. Active listings tend to be lowest in the springtime and early summer, when buyer activity is at its peak.
Accepted offers
With low condo supply, contract signings are lower, too. A total of 72 Dane County condos went under contract in November, which was the lowest November total in 12 years.
Competing offers
Even though fewer condos are going under contract in 2023, the percent of listings receiving competing offers continues to trend along historically high levels. As the chart below shows, the competition for condos remains very high compared to the pre-pandemic market. A highly competitive condo market is a sign of pent-up demand, where the number of condo buyers exceeds the number of condo sellers in Dane County.
Cash offers
The percentage of condos receiving cash offers is also trending along historically high levels, and is much higher than in the pre-pandemic market. This is another sign of a market that clearly has more buyers than sellers.
Days on market
Marketing times continue to trend along historically low levels, which is another sign of pent-up demand in the condo market. The average days on market in November was only 18 days.
Dane County condo sales
Condo sales continue to occur at subdued levels, due to the lack of supply in the Madison area. Ninety condos were sold last month, which was the lowest November total since 2012.
Where will the Madison area condo market go from here?
We're predicting higher prices and tight inventory in 2024 -- and for these 10 reasons. We encourage you to check in often and use our monthly updates to track how the market evolves throughout the year. In the meantime please feel free to reach out to us whenever you have any real estate questions. We're always happy to help.
