September was another very active month in the Madison area condominium market. Here's our latest condo snapshot covering all of the most important trends.
Dane County condo accepted offers
Accepted offers decreased by 7% year-over-year, but were still very strong from an historical perspective. The 139 accepted offers last month were the 5th highest on record for the month of September. Remember, year-over-year comparisons are tricky right now because last year's peak market was pushed to the summer and the fall after the pandemic arrived in the spring. Also, don't forget that historically low inventory is limiting the number of offers that are being written in this year's market.
Dane County condo sales
Madison area condo sales decreased by 15% from September of 2020, but came in at that the 4th highest total on record for the month.
New condo listings
New listings in September were down 11% year-over-year and 14% year-to-date. A low supply of fresh listings is restricting sales in the Madison area condo market.
Condo months of inventory
As of October 11th there are only .9 months of condo inventory across the entire county. Only 147 condominiums are available for purchase right now, and we expect this number to decrease when more buyers flood the market shortly after the holiday season. This is one of the reasons why we're encouraging our clients to purchase their condo this fall or winter rather than wait until next spring.
Days on market
The average days on market in September was only 17 days, which was a record low for the month. The previous low was 26 days, which occurred in September of 2017.
Madison area condo prices
September condo prices increased by 7% year-over-year and by 12% year-to-date. Prices have been at record highs throughout all of 2021.
What to expect for the rest of 2021
Right now we're assisting a number of clients with their condo buying plans, and our condo sellers are receiving some great returns on their investment. With that said, the months of November and December will be the "most balanced" months of the year. Multiple offers and bidding wars will be less common during November and December, but we fully anticipate the market to heat up very quickly once again in early 2022. This makes right now a great time to buy for anyone who's seeking to avoid the frenzy that occurs in our market each spring.
Do you have questions?
Please reach out to our real estate team and share your questions and goals with us. We love talking real estate, and we're here to help you achieve all of your real estate goals and dreams.
