Note from Dan 4/10/2015: This article has been updated to include the latest market statistics from March of 2015.

We recently wrote a short post about the low levels of condo inventory in the Madison area. In this article we'll dig a little deeper to show why the Madison metropolitan area needs more condominiums. We'll take a look at some key condo statistics for the county, city and some of the major condo developments in town. The picture we paint will show more than a tight condo market but a market where there is a clear shortage of condominiums. In this market buyers face some clear challenges, while sellers have never experienced a time of greater opportunity. 

Dane County Condo Trends - Active Listings

Each month we publish the number of

Who would have ever thought we'd see bidding wars over downtown condos with many units selling in a matter of hours and days? This is the reality of the Madison condo market. The condo lifestyle is "in". First-time buyers and down-sizers alike are jumping into a market that has a limited supply of inventory. Prices are rising and many units are selling very quickly.

This isn't the dynamic for every condo development in town, but there are a number of Madison condominium communities that have become extremely popular with local buyers. These popular communities have become "mini sellers markets" where a well-priced unit is almost guaranteed a quick sale.

Our list of popular condominium communities covers the hottest developments in town. For every

Not long ago this question would have seemed ludicrous. Just a few years ago, a large number of Madison condo developments were holding onto a very large number of unsold units. Demand was low. Many consumers were wary of buying into the condo market and were opting to rent instead. In some areas, such as in Downtown Madison, there were over two years of supply sitting on the open market along with a large amount of shadow inventory lurking behind the scenes. And so condo prices fell, and they kept falling, until they bottomed out in 2012.

That's when we began to see big changes in the condo market. Suddenly for many consumers it was cheaper to buy than it was to rent. Condo purchase activity picked up considerably in 2012 and then moved much higher in

Search by Condo Development

Let's say you're in the market to buy a condo in the Madison, WI area, we have some great property search tools to offer you. One of them is our tool that allows you to search all condos for sale by condo development.

As an example, let's suppose you are a buyer who is interested in the Coventry Condos near Hilldale Mall on the near west side of Madison. Simply select the appropriate boxes in our Condo Development search feature (see the example to the right). Our search tool will then display all of the condos for sale within the Coventry Condo community.

Search by Condo Project

Our Condo Project search filter offers an easier way to focus your search on a particular development. Simply enter a key word into

The pendulum has swung for Madison real estate. It's a seller's market this year. Many Madison listings are receiving multiple competing offers. Homes and condos are selling quickly. And they're selling for higher prices.

So what's a buyer to do? Below are ten tips to help you land your dream home in 2013.

Ten Home Buyer Tips

1. Don't rely on open houses as your method for finding a home. Buyers this year are learning many new Madison listings are selling within days of going on the market, even before the first open house!
2. Don't limit your search to distressed properties. The inventory of bank owned-properties and short sales is shrinking, and many other buyers and investors are already combing over these listings.
3. Don't assume the condo

It may seem hard to believe, but Madison buyers are embracing the condo once again. Enticed by low interest rates and lower prices, buyers have jumped back into the Madison condo market in a big way. Consider these numbers which come from our review of data from the South Central Wisconsin MLS:

• Dane County condo sales have increased each of the last 11 months.
• Condo sales in 2012 increased by 30% from the year before.
• Sales have accelerated in recent months, with January and February condo purchases increasing by 58% and 56%, respectively.
• Pending condo sales (condo listings with accepted offers) are 51% higher right now compared to the same time last year.
• With more buyers choosing condos, the inventory of condos for sale has fallen

Madison, WI condos are very popular for many reasons. As the baby boomers age, more and more are choosing the easier condo lifestyle as an alternative to the high-maintenance single-family home lifestyle. But how does moving into a condo affect your life on a day-to-day basis? Of course, the largest change you'll have to make is living in a smaller space. However, you might be surprised at how large some Madison condos are. There are many available at affordable price ranges with over 2,000 square feet. We've put together a few points of consideration for those moving into a condo from a detached home, and even those just downsizing to a smaller abode. These are potential pros and cons you might not think about when downsizing.

1. The kitchen in your