January was another solid month for the Madison area condo market. Here's our latest update based on data sourced from the South Central Wisconsin MLS.
Dane County condo prices
The average price per square foot in January was the second-highest on record. With low interest rates, low inventory, and strong buyer demand - we fully expect Madison area condo prices to reach new highs in 2020.
Dane County condo sales
Condo sales (or closings) dipped in January, but were still strong compared to most other years dating back to the year 2000. We expect low inventory levels to restrain condo sales throughout all of 2020. For more information, check out our inventory summary later in this post.
Despite low supply, the number of offers accepted in January was one of the highest on record.
New MLS listings
New Madison area condo listings continue to enter the market at a slow pace. Only 118 new listings were posted to the MLS in January, which was the second lowest total on record.
Madison area condo supply
Right now only 1.4 months of inventory are available for sale in the local condo market, which is the lowest we've ever seen in Dane County. Condos priced under $300,000 are in very high demand right now. Note how a very high percentage of the listings priced under $300,000 have accepted offers and are scheduled to close soon.
Condo days on market
The days on market for condos sold in January was the third-lowest recorded for the month - dating back to the year 2000.
Expired condo listings
The number of expired listings also came in at the third-lowest on record.
Our expectations for 2020
This year will be another great year for condo sellers in the Greater Madison Area. To learn more about how you can make the most of the market and sell for top-dollar in 2020, please contact us for a short consultation. If you're planning to buy a condo this year, you'll need a great plan and a strong buyer agent (or buyer agent team) in order to be successful. Contact your favorite Mad City Dream Homes agent to get started, or reach out to Dan for a referral to an agent who's the best match for your needs
We are ready and able to serve you in what promises to be another crazy condo market in 2020!
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred