We posted earlier this year how Downtown Madison condo prices were set to rise in 2013. As we make our way into the Spring buying season, we are in fact seeing prices rise in many areas of Madison, and especially downtown. The inventory of condos for sale in Downtown Madison is much lower than in previous years, and sales are up significantly. Consider these numbers for the first 3 months of 2013 which come from our review of data from the South Central Wisconsin MLS:
Dane County condo sales were up by a whopping 59% from the first 3 months of 2012, but even more startling downtown sales were up by 89%. That's right, during the January through March time period, downtown condo sales totaled 34 purchases versus 18 the year before. We expect this pace to continue as we make our way through the 2013 selling season based on the activity we are seeing in the market right now.
Here's another amazing development downtown: One Downtown Madison condo development recently raised its prices for new construction condos. This is a new dynamic for our condo market, and demonstrates how sellers have gained the leverage in Downtown Madison. Sellers are able to fetch higher prices compared to many years in the recent past, and buyers are learning they need to change their ways.
We'll keep you up-to-date on our market as we make our way through the selling season.
Thinking of buying or selling in Downtown Madison, WI? Contact our condo specialists for a free consultation.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred