Our short slideshow below provides a concise overview of the latest trends in the Madison, Wisconsin condo market. Our inventory data is up-to-date as of October 17th. All other data is up-to-date through the month of September. Here's a quick narrative on the latest trends in our local condo market.
Madison Condo Trends - 9/2015
Inventory remains very low - 2.2 months of supply and less - for condos priced below $250,000. The market dynamics at the lower price points generally favor sellers over buyers. At higher price points the months of supply are much higher. However, there is more than meets the eye with the inventory data. We'll dig deeper into the inventory data in a future blog post.
New condo listings are entering the market at a slow rate. Very few new construction condos are being built in most price segments. Until this trend changes, we expect a shortage of supply and a sellers' market in many price categories.
Madison condos sales are trending along historically high levels. Sales in September reached the highest level in the last 9 years. Year-to-date sales reached the 2nd highest level in the last 8 years.
Madison condo accepted offers were up a whopping 47% in the month of September. We expect strong numbers when we publish our October and November sales reports.
Expired listings and the condo expiration rate are both trending along historically low levels. Many more condo listings are selling than expiring. This is another sign of a condo market that generally favors sellers over buyers.
Days on market are the lowest on record. Yet another indicator of a seller's market.
Condo prices are generally flat; however, this is more a reflection of a very hot market at the lower price points. As with the inventory data, there is much more than meets the eye with the price data. We'll dig deeper into this topic in a future post.
Check out our Madison condo report which we update each month. This is the most reliable and comprehensive report available on our local market. Of course you may also contact me anytime, and I'll be happy to chat.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred