Dane County condo sellers continue to enjoy a very favorable fall market as we approach the holiday season. Here's our latest condo market update covering prices, sales, inventory, days on market, and more.
Dane County condo prices
The average price per square foot increased by 9% in October and by 12% through the first ten months of the year. The median price was up 7% for the month, and the average was up by 4%.
Dane County condo sales
Although condo sales decreased from last October's unusually strong market, sales were still very strong -- registering the 3rd highest total on record for the month.
Contract signings decreased by 19% from last October, but still came in at the second highest total on record for the month. Remember, the normal seasonality of our market was disrupted in 2020 due to the arrival of the pandemic in the spring.
New condo listings
Only 112 condominiums were listed for sale on the MLS in October, which was one of the lowest listing totals in recent memory. A low influx of fresh listings will continue to create favorable conditions for sellers in the months ahead.
Madison area condo inventory
Only 123 Dane County condo listings and .8 months of supply were available for sale as of November 9th -- both of which are very low by historical standards. Right now more than 50% of all condo listings are under contract with an accepted offer, which is a very high percentage for this time of year. All of these numbers are indicators of a very strong seller's market.
Days on market
The average days on market in October was only 21 days. The month of October was the 7th straight month to establish a record low for days on market.
Are you planning to buy or sell a condominium in the months ahead?
Please reach out to your preferred Mad City Dream Homes real estate agent for a helpful consultation. We'll help you make sense of the market and create a plan that will help you achieve all of your real estate goals in the coming months.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred