Almost 10 years ago the real estate market began its infamous decline. Buyers stopped buying, and Downtown Madison suffered from a glut of vacant, unsold condos. More than 2 years of inventory sat on the market, and condo prices plunged. Over time, market conditions improved along with the overall economy. Consumers started buying again when prices became more attractive. Downtown inventory eroded until eventually all of the new construction condos sold out. 

Condo Values are Rising Again in Downtown Madison

Our market data shows Downtown Madison condo prices bottomed out in 2013. In 2013, the average price per square foot was $223. In 2015, the price per square foot jumped to $267. That's an increase of 19.7% in only two years. We expect the price

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

Downtown Madison condos are on the rebound. Prices in Madison's Downtown dropped by 20% from 2006 to 2011. In 2012, Madison buyers responded to lower prices and returned to the downtown condo market in a big way. As you'll see from the graph at the bottom of this post, the price per square foot actually increased in 2012, as the market settled into a much better balance between supply and demand.

This is welcome news for buyers and sellers alike. Sellers have been waiting for a bottom to the condo market, while buyers have been seeking some reassurance that their investment will hold its value over time.  Please feel free to contact us with any questions you may have about condos in Downtown Madison, Wisconsin. We can help you better understand the