The Madison area condo market starts off the year strong in January

Posted by Dan Miller, REALTOR on Thursday, February 13th, 2020 at 4:37am.

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. 

Madison WI Condo Price per Square Ft Jan 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. 

Madison WI Condo Sales Jan 2020

Accepted offers

Despite low supply, the number of offers accepted in January was one of the highest on record. 

Madison WI Condo Accepted Offers Jan 2020

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 WI New MLS Condo Listings Jan 2020

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. 

Madison WI Condo Inventory Feb 2020

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. 

Madison WI Condo Days on Market Jan 2020

Expired condo listings

The number of expired listings also came in at the third-lowest on record. 

Madison WI Condo expired listings Jan 2020

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
610 Junction Road #205, Madison, WI, 53717

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