Rising Prices for Condos in Downtown Madison

Posted by Dan Miller, REALTOR on Thursday, April 18th, 2013 at 4:57am.

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
610 Junction Road #205, Madison, WI, 53717

3 Responses to "Rising Prices for Condos in Downtown Madison"

Noel Radomski wrote: If this trend continues do you foresee a time when some of the new high-end apartments will be converted to condos? Were they even designed for such an option? Posted on Thursday, April 18th, 2013 at 11:40am.
Jeff Statz wrote: Those are excellent indicators Posted on Thursday, April 18th, 2013 at 12:30pm.
Dan Miller wrote: Jeff and Noel, thanks for your comments. Noel, your question is a really good one. I wouldn't be surprised if some of the downtown apartments are converted to condos at some point in the future. It seems in real estate the market swings from one cycle to another. We all know what happened during the bubble...When the market over-heated it triggered a shift away from home ownership toward renting. Now we're back into a home ownership upswing again. Let's see how far this goes. We'll see many more new construction homes (and even some condos) being built in the next few years. I'm hopeful with stronger lending in standards in place that we won't see the market reach the bubble levels that we did in the mid 2000s...Have a great day, Dan. Posted on Monday, April 22nd, 2013 at 7:19am.

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